October 5, 2022

Decentraland Price Analysis: A Descending Trendline Leads The Short-Term Downtrend In MANA Token

2 min read

MANA tokenMANA token

The MANA token is currently under a correction stage, which has plunged its rate back to the vital assistance of $3.6. Nevertheless, despite making an outstanding recovery from the bloodbath of December 4th, the token sellers are still attempting to breach the 3.6 mark.

Secret technical points:

  • The MANA token bears have actually converted the strong 20 EMA assistance into a resistance
  • The everyday RSI line shows a downtrend in its chart
  • The intraday trading volume in the MANA token is $4.2 Billion, showing a 29.5% loss.

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/y/YVHGsEHL.png"alt=" TradingView Chart"/ >

Source-MANA/USD chart by Tradingview The last time when we covered an article on MANA/USD, the token was steady moving north, where it made a brand-new All-TIme High of the $5.9 mark. After experiencing strong supply pressure from this level, the coin began retracing back and plunged the rate to the $3.5 mark.

On December 4th, the crypto market experienced an abrupt selling pressure which broke down crucial support levels for a number of crypto coins. However, the MANA token managed to sustain above the $3.5 mark and showed a green candle light by the end of the day.

The token price is still trading above 100 and 200 EMA, indicating the token keeps its uptrend. Nevertheless, the 20 EMA line, which was earlier supplying great support to the price, is now turned to act as resistance.

The Relative Strength Index( 46) reveals its line is gradually approaching the oversold territory, indicating strong selling in the token.

MANA/USD 4-hour Time Frame Chart

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/y/YduNXQyu.png"alt="TradingView Chart"/ > Source-MANA/USD chart by Tradingview

The crypto traders can observe that the MANA rate is respecting the levels of a descending resistance trendline. Till this trendline is undamaged, these traders can grab some great brief opportunity when the tips a bearish turnaround from this line.

On the contrary note, this trendline can likewise supply an early signal if the cost begins to rally again.

The post Decentraland Price Analysis: A Descending Trendline Leads The Short-Term Downtrend In MANA Token appeared initially on Coingape.