January 28, 2023

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.

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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.

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Reasoning

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.

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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


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