- Decentraland bulls becoming weak, oscillators sliding in favour of Bears.
- Price of MANA might fall with all the technical suggesting bearish momentum.
- MANA/BTC is trading at 0.00001633 BTC with an intraday change of -3.94% while MANA/ETH is trading at 0.0002380 ETH with an intraday loss of 1.73%.
Decentraland is currently trading below all the significant 50,100 and 200 day moving averages. This is a scene that will boost the bears in the near future. The price failed to stay above the 100 day moving average where it experienced massive selling leading to a fall in the price. We may experience more plunge in the price of MANA if the price fails to go above the moving averages.
The Relative Strength Index (RSI) is indicating a bearish momentum. The RSI line is below the normal zone and it tried to go above the normal zone but then experienced heavy selling and now the RSI is sliding down again.
The Moving Average Convergence Divergence (MACD) is referring to bearish momentum as well. The MACD line and the Signal line both are below the zero line thereby creating red bars in the histogram. As long as the MACD line stays below the Signal line, we are likely to see more bleeding in the price of MANA.
The Fibonacci indicator is suggesting support at the $0.5862 price level and the $0.4261 level. The resistance levels indicated by the Fibonacci are $0.7654, $0.8454, $0.9594 price levels. These levels will be very crucial to see where the price will head in the days to come.
NOTE: The moving average 50,100 and 200 are in colour Yellow, White and Red
The MACD line is coloured Blue and the Signal line is coloured Red.
The significant support and resistance levels to keep an eye on are:
SUPPORT: $0.5862, $0.4261
RESISTANCE: $0.7654, $0.8454, $0.9594
TAKEAWAY: Considering all the technicals mentioned above, we might witness a plunge in the price of MANA in the near future. The support levels mentioned above will be very determining.