• 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.

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP