• 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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Faux strength or resurgence of bullish momentum?

Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development, while bullish, could turn sour if BTC fails to overcome a significant hurdle. Assuming this occurs, the recent surge in Ethereum, Ripple and other altcoins could also quickly come undone.

More Bitcoin News

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on Polygon suffers rug pull, DMA price declines 99.8%

Dragoma on the Polygon Network was hit by a rug pull, leaving DMA holders in a fix. DMA price declined 99.8% since the incident. MATIC’s climb to its $1 target remained unaffected by the event.

More Polygon News

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

If Tezos price clears this significant hurdle, XTZ holders are in for a treat

Tezos price shows a steady grind toward its forecasted target. This development comes after a successful breakout from a bullish pattern. Investors can decide if they should hop on this train or stay away by looking at how XTZ reacts to an upcoming resistance level.

More Tezos News

Here’s what to do if you missed the recent AVAX price rally

Here’s what to do if you missed the recent AVAX price rally

AVAX price shows no signs of stopping as it bounced off a stable support level on August 2 and triggered a massive run-up. This move seems to have reached an upper limit for now and is likely to pull back a little. 

More Avalanche News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP