Altcoins

For Decentraland [MANA] traders the next major support levels lie at…

Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation

MANA, the token of Decentraland, has been a poor performer on the worth charts since early February. The rallies of late January and late March measured 71% and 25% respectively however have been nonetheless unable to interrupt the bearish technical construction and kickstart a bullish development.

The downtrend of Bitcoin in latest weeks has additionally affected MANA badly, and the worth stood on the $1 mark because the market members waited for the subsequent sturdy transfer to start.

MANA- 1 Day Chart

Decentraland: MANA on a persistent downtrend, and the battle for $1 rages on

Source: MANA/USDT on TradingView

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The downtrend has been in play since late November, nevertheless it did see a pointy rally in late January and early February. Following this rally, the worth resumed the regular downtrend from November as soon as once more and fashioned a collection of decrease highs.

In April and May, the worth failed to carry on to the $2 stage and has slipped sharply to fall as little as $0.629 on 12 May. Later the identical week, the worth jumped to $1.4, to retest a decrease low from late April at $1.4.

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Therefore, resistances are sturdy, and no decrease highs from latest weeks have but been damaged. Moreover, the worth slipped beneath the $1.09 help as properly and retested it as resistance in June.

The bears stay dominant on the charts, and a drop beneath the psychological $1 stage might see MANA drop to $0.8 and even decrease.

Rationale

Decentraland: MANA on a persistent downtrend, and the battle for $1 rages on

Source: MANA/USDT on TradingView

The indicators confirmed sturdy bearish momentum in progress. The RSI was beneath impartial 50 and has been for probably the most half since late February. The MACD has additionally been beneath the zero line since then, to indicate that the prevailing development was bearish.

The MACD fashioned a bullish crossover in bearish territory three weeks in the past and subsequently confirmed a pullback in progress and never a shift in momentum to bullish.

The OBV had two ranges of significance, and these two ranges have been defended as each help and resistance since mid-February. There was a pointy dip beneath this stage in May, however the OBV climbed again above. If it does slip beneath the decrease stage once more, it may very well be an early signal of intensifying promoting strain.

Conclusion

The development was strongly bearish, and the $0.9-$1 space has acted as help up to now two weeks. The subsequent main help ranges lie at $0.8 and $0.6.

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