Decentraland experiences wild price swings but MANA may continue slide to $2

  • Decentraland price losses as much as 16% on Wednesday, to rally more than 18% on Thursday before settling on Wednesday’s opening price.
  • MANA’s present position within the Ichimoku Kinko Hyo system points to a bearish bias.
  • A combination of weak hands and profit-taking is likely to push Decentraland to the $2 value area.

Decentraland price is very close to confirming one of the most sought-after short-entry setups in the Ichimoku Kinko Hyo system: the Ideal Bearish Ichimoku Breakout. If confirmed, a prolonged downtrend is highly probable.

Decetraland price sees bulls and bears battle for dominance

Decentraland price could be positioning for a more extended downswing than initially anticipated. The Ideal Bearish Ichimoku Breakout was recently confirmed on the Wednesday close after fulfilling all of the requirements for that short entry. The conditions for that entry are as follows:

  1. Future Senkou Span A below Future Senkou Span B
  2. Tenkan-Sen below the Kijun-Sen
  3. The current close is below the Tenkan-Sen and the Kijun-Sen
  4. The current close is below the Cloud
  5. Chikou Span is below the bodies of the candlesticks and in open space
    1. Open space is a condition where the Chikou Span would not intercept the body of any candlestick horizontally over the next five to ten periods.

All of the conditions above were fulfilled on Wednesday’s close. Decentraland price, today, has made several attempts to return above Senkou Span B and the Kijun-Sen, but those efforts have been rebuffed. As a result, this current test of the breakout below the Cloud, if it holds, will likely generate some substantial selling pressure.

MANA/USDT Daily Ichimoku Chart

Because Decentraland price has yet to make a standard 50% retracement from its recent bull run, a return to the 50% Fibonacci retracement at $2.00 is likely.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin is a security and will be regulated, says Jim Cramer

The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend. 

More Dogecoin News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist.

More Shiba Inu News

Chainlink price at make-or-break point while global markets tumble

Chainlink price has seen a massive collapse over the past five days, resulting in a retest of a crucial barrier. This downswing is not localized to the crypto markets and seems to originate on Wall Street after the Fed tightens the interest rates.

More Chainlink News

Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis