Decentraland price analysis: MANA/USD moves lower as bulls defend $2.60 barrier

TL;DR Breakdown

• Today Decentraland price analysis shows a bullish trend
• MANA prices are up by 6.93 percent
• Decentraland prices have seen resistance at $2.68

The Decentraland price analysis today is in favor of the bulls who have taken control of the digital asset’s price after a brief period of consolidation. MANA/USD prices have surged by 6.93 percent in the last 24-hours and are currently trading at $2.60. The digital asset had found support at $1.94 yesterday and looks poised to move higher in the near term as buying interest increases. The digital asset has a market capitalization of $4.8 billion, ranking at position 32 in the entire digital assets market.

In the short term, Decentraland price analysis is likely to be bullish as long as they stay above the $2.28 level of support. A break below this level could see a return to the previous lows around $1.94. For now, it looks like bulls are in control of the market and will attempt to push prices higher. The trading volume has also increased by a significant value of 92.5 percent, currently totaling $715,839,272.08.

Decentraland price analysis on a 1-day price chart: MANA/USD looks to break higher past $2.68 resistance

Looking at the 1-day price chart for Decentraland, we can see that prices have formed a bullish ascending triangle pattern. The pattern is still in development and traders should look to enter long positions on a break above the $2.68 resistance level. A stop-loss order could be placed below the $2.28 support level in order to protect profits. The target objective for this trade would be the $3.00 resistance level.

The Relative Strength Index (RSI) is showing signs of bullish momentum and is currently sitting at 59.14. This indicates that the market is overbought and could see a pullback in the near future. However, if the bulls can maintain control, we could see prices push higher towards the $3.00 resistance level. The EMAs are currently bullish and are showing signs of a trend reversal, with the 50-day EMA currently trading around the $2.33 level and the 200-day EMA currently trading at the $1.66 level.

The MACD is currently in bullish territory and is increasing in strength. This indicates that the bulls are in control of the market and have the momentum to push prices higher. The market volatility is increasing in accordance with the price action as indicated by the Bollinger Bands. Prices have recently broken out of the upper Bollinger Band, which is a sign of bullish momentum.

Decentraland price analysis on a 4-hour price chart: MANA/USD prices likely to spike above $2.68 level

The 4-hour chart in the Decentraland price analysis shows it is currently trading above the $2.68 level of resistance. This level had previously been acting as support and now looks to be capping any further upside potential. The MACD indicator is currently in bullish territory, although the RSI is close to overbought levels. Prices may consolidate around the current level before making another attempt at breaking higher. The market is facing strong buying pressure as indicated by the MACD. The RSI is currently overbought and a correction may take place soon.

The upper Bollinger band is acting as the current resistance level while the lower band is providing support. The EMAs are currently indicating a bullish trend and are sloping upwards with the 50-day EMA currently trading at the $2.61 level and the 200-day EMA currently trading around the 1.80 level.

Decentraland price analysis conclusion

In conclusion, Decentraland prices analysis shows the pair is currently in a bullish trend and are expected to continue moving higher. Prices have found resistance at the $2.68 level and a break above this level would open up the possibility for a move towards the $3.00 level. Conversely, a break below the $2.28 level could see prices fall back towards the previous lows around $1.94.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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• Source: https://www.cryptopolitan.com/decentraland-price-analysis-2022-03-25/