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Decentraland Price Analysis: MANA Token Resonates Within A Parallel Channel With Declining Trading Volume

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  • MANA token traveling in a parallel channel as it drops lower.
  • The DOGE/BTC pair was trading at 0.000001762 BTC with a loss of 2.87%
  • The 24 hr trading volume in MANA token is $48.29 Million.
Tradingview

In the daily time frame of the MANA token, the price got rejected by the $0.77 resistance level (near the Fibonacci level 0.5), framing a clear picture of the parallel channel it is following. As price has respected the pattern multiple times, the pattern shows high reliability. Thus as long the pattern is intact MANN token will remain in a downtrend.

Regarding the EMA’s, MANA token is trading below all crucial EMA’s 20, 50, 100, and 200, confirming a strong bearish trend, as for today the price has opened below the 200 EMA and providing an edge to the market bears, 

The RSI (BEARISH) value is at 38, indicating strong bearish sentiment. However, investors can see that the RSI line slope is not as steep as the price, indicating some weakness in the bear’s strength.

The Formation Of Short-Range Could Provide An Edge To MANA Traders.

Tradingview

The 4hr time frame chart of the MANA token shows a formation of a short-range after seeing the second rejection from the $0.76 resistance level, and currently, the price is back to the $ 0.63 support. These two are also a good resistance and support level, and their breakout should provide an edge to the MANA traders.

The MACD indicator (NEURAL) shows both the MACD line and the signal line moving near the neutral zone(0.00), currently indicating neutral momentum in the market participants. Also, the sideways movement of these lines with the multiple crossovers shows a sideways trend. 

Conclusion: From the technical perspective, the overall trend of the token is bearish and will remain like that until the falling channel is intact. Well, this could be a great opportunity for traders looking for a short entry in MANA token.

Support– $0.63

Resistance– $0.76