April 18, 2024

Decentraland’s MANA has maintained ugly performance on its price charts since February’s early sessions. Though the altcoin recorded impressive hikes in late January (+71%) and late March (+25%), the altcoin failed to overcome the bearish structure and welcome bullish trends.

Bitcoin’s downtrend over the recent weeks contributed to MANA’s weakness. The metaverse token stays beneath the $1 level as investors anticipate a massive move. While writing this blog, the altcoin traded at $0.9744, dropping 1.82% within the past day.

1 Day Timeframe

Decentraland token suffered declines since November’s latest sessions, but MANA saw sharp rallies in January ending and early February. However, the alt resumed steady plunges after the upsurges, forming multiple lower highs.

Also Read:  Understanding NFT Whitelists: What They Are and How to Get On One

April and May’s sessions saw MANA losing the $2 mark, plummeting sharply towards the $0.629 lows on May 12. Meanwhile, the token hiked to $1.4 later that week to retest the late April lower low around $1.4. Thus, MANA’s resistance remains sturdy and the token is yet to break any lower high in recent weeks.  Furthermore, the altcoin lost the crucial support at $1.09 and retested the level as resistance during June’s early sessions. Bears still dominate the charts as the latest downswings saw MANA losing the $1 psychological level. The metaverse token can crash towards $0.8 and possibly lower.

Also Read:  Binance Launches Relief Fund For Ukraine After $10M Donation


MANA indicators confirmed massive bearish strength in progress. The Relative Strength index stayed below the 50-neutral in most sessions since late Feb. The Moving Average Convergence Divergence also stayed below the zero level since then, affirming bearishness in the prevailing trend.

The MACD created a bullish cross inside a bearish level some three weeks ago, indicating downside trends and no momentum shift to bullish. The on-balance volume boasted two significant levels, and the areas stood as resistance and support since mid-Feb. Though it saw a sharp drop below the area in May, the OBV resurged back above. Dropping under the bottom area again would signal intensifying selling momentum.

Also Read:  Donald Trump's NFT Collection: The Rise and Fall of the Donald Trading Cards

Final Thought

MANA has exhibited massive bearishness, and $0.9 – $1 served as a support barrier within the previous two weeks. The altcoin will discover another foothold at $08, then $0.6. Nevertheless, enthusiasts should watch BTC as its price actions can affect Decentraland’s trends.

Editorial credit: Piotr Swat / Shutterstock.com

NFTMetaverseFinance is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Voices content) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published. Required fields are marked *