- Decentraland price has lost 7% of market value in the last three days.
- A deeper pullback could occur targeting $0.54.
- A breach above the recent swing high at $0.84 would invalidate the bearish thesis.
Decentralizing prices facing a challenge near the $0.70 zone. A deeper pullback could be on the horizon if market conditions persist.
Decentraland price at a standstill
Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days. Traders should note that the ongoing consolidation phase could be a sign of bearish sentiment, and a deeper pullback could occur.
Decentraland price is currently trading at $0.73. As Decentraland hovers above the 21-day simple moving average, traders should keep a close eye on this level for any signs of support or lack thereof. If the support from the 21-day simple moving average fails to hold, the price of Decentraland is likely to experience a much steeper decline.
In addition to the price analysis, the Relative Strength Index (RSI) on the 3-day chart is also providing further insight into the current trend for Decentraland. The RSI measures the strength of price changes, with values above 70 considered overbought and values below 30 considered oversold.
Currently, the RSI has not broken out into overbought territory, indicating that there may still be room for the price to decline. Additionally, a bearish divergence between the recent swing highs at $0.70, $0.73 and $0.84 can be seen, suggesting that the uptrend may be waning. The 50-day simple moving average positioned at $0.54 would be a possible target under the bearish scenario. MANA would decline by 25% if the bears were to succeed.
MANA/USDT 1-Day Chart
Despite these bearish signals, traders and investors should keep in mind that the market can often be volatile and unpredictable. A breach above the recent swing high at $0.84 would invalidate the bearish thesis and could indicate that the market is preparing for another rally. The bulls could re-route north towards untagged liquidity near the $1.00 zone, which would result in a 50% decrease from MANA’s current market value.
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.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.