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Sellers have ensured their regime after MANA lost its previous $2 baseline, restraining prices beneath the Bollinger Bands’ basis line. The daily chart showed consistent lower highs and the plunging troughs in a downward channel. For now, bears would target to retest the channel’s topside trend line. A rebound from the $0.7 mark would open upside for Decentraland in the near term. While publishing this blog, MANA changed hands at $0.8129, 7.97% down within the past 24 hours.
Decentraland Daily Timeframe
Bulls secured impressive recovery opportunities, following revival from the 7-month lows on May 12. However, sellers reiterated their strength after erasing mid-May bullishness from the 0.382 FIB mark. The mounting selling momentum saw MANA felling within a downward channel, retesting the support at $0.78. while MANA bulls rebutted, the altcoin recorded multiple higher highs, triggering a patterned breakout. Meanwhile, the POC (Point of Control) and 23.6% zone shunned this breakout’s intensity.
Surprisingly, the past couple of days had volumes plummeting amid price drawdowns. That revealed a somewhat weak bearish action. MANA’s price might witness reversals from $0.78 in the upcoming sessions. Revivals beyond the BB basis line might aid buyer POC retest around the $1 mark. Bullish invalidations might provoke extended losses towards $0.704.
Reasoning
The Relative Strength Index could not steady beyond the midline as it exhibited southbound outlooks. Failure to close beyond the equilibrium might catalyze stretched sluggish periods on the MANA chart. Comebacks by the on-balance volume from the nearest trend-line support would confirm bullish divergences with Decentraland price. Nevertheless, buyers should amplify volume to ensure recoveries due to the DMI’s (Directional Movement Index) bearish crossover. However, the ADA flashed weak directional biases.
Final Thought
Though the indicators flashed bearish trends, bullish divergence by the OBV might help MANA record short-term gains. Such scenarios might see the altcoin reversing from $0.78 and target the $23.6% retest. Lastly, MANA boasts a 63% monthly correlation with BTC. Enthusiasts should consider Bitcoin’s reactions to ensure profitable bets.
Bears control the crypto market for now, with Bitcoin hovering around sub-$19K. While publishing this post, the bellwether digital coin traded at $19,428.68, losing 1.43% within the past day. Stay around for upcoming reactions in the cryptocurrency market.
Editorial credit: Diego Thomazini / Shutterstock.com
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