October 3, 2022

Decentraland Price Analysis: Double Top Pattern Fallout Hints At A 13.5% Downside Risk

2 min read

SAND And Mana Price Analysis: Metaverse Tokens Positive Today

The existing correction stage has tumbled the Decentraland (MANA)cost by 24.2 %from the February 9th high($3.45). Furthermore, the fallout from the double leading pattern bolsters the sellers to dispose the coin even lower. Will sellers continue their dominance or purchasers will have a comeback chance?

Key technical points:

  • The 200-day DMA maintains the bullish pattern in MANA
  • MANA price formed five successive red candles, indicating an 18% fall
  • The 24-hour trading volume in the Decentraland is $615 Million, suggesting an 12% increase.

TradingView Chart Source-Tradingview On February 15th, the MANA price got better from the $2.81 assistance by finishing early morning star cable television. The bullish candle showed a 17.5% intraday and reached the $3.4 mark. Nevertheless, the sellers right away turned down the price and plunged it to $2.8.

The coin chart revealed a double top pattern in the everyday amount of time chart, with the neck line as $2.8. Amidst the ongoing sell-off in the crypto market, the MANA sellers pulled the rate below this, representing a 6.16% intraday candle light.

The Relative Strength Index( 44) has actually simply slipped into the unfavorable zone, showing the growing strength of sellers.

Along with the $2.8 fallout, the cost likewise breached the 50 DMA line, using an extra edge to traders. However, with the coin cost trading above the 200-DMA, the overall pattern remains bullish.

The MANA Price Could Bring Retest chance

TradingView ChartSource-Tradingvi ew If MANA bears sustain listed below the$2.9 mark, the selling pressure would heighten and plunge the altcoin to the immediate assistance of$2.43, followed by$ 1.69. Contrary to the above presumption, if buyers bounce off

from the $2.43 mark, the bulls will drive to the $3.4, followed by $3.62. Resistance level:$3.41,$1.699 Support

  • level: $2.43.,$1.69 The post Decentraland Price Analysis: Double Top Pattern Fallout Hints At A 13.5%Downside Risk appeared

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