MANA price remains negatively skewed moving in a tight range. The price action lacks conviction for a clear trend. Decentraland (MANA) is following a long-term descending resistance line with resistance at $5.91.
- MANA price trades with losses on Tuesday.
- Expect a bounce toward $2.40 if breaks above the bearish slopping line.
- The downside is capped near $2.20.
MANA price seeks short-term bounce
On the 1-hour time frame, the MANA price is showing strength and is in preparation to escape two immediate upside hurdles. If taken out successfully MANA price will be seeing interim upside target at the horizontal $2.30 resistance level.
The metaverse coin opened lower but quickly tested the session’s high before retracing back to the lows of $2.22. This happens to be ‘double’ support for the price as a result of MANA attempting to bounce back toward the descending trendline.
The bearish trendline, which extends from the highs of $2.44 acts as a resistance for the bulls.
If the price takes out a $2.30 upside filter then bulls will move forward to seek the next target at $2.35.
A sustained buying pressure will bring highs of March 13 at $2.44 in play.
On the other hand, a spike in sell order might continue with the downside momentum. A break below the session low will test the lows made on January 24 at $1.80.
MANA’s price depreciated nearly 73% from record highs made on November 25 at $5.91. As of writing, MANA/USD is trading at $2.24, down 3.69% for the day. As per the CoinMarketCap, the 24-hour trading value of Decentraland holds at $264,560,490.
Technical indicators:
RSI: The hourly Relative Strength Index approaches the oversold zone. Any downtick in the indicator could push the price lower.
MACD: The Moving Average Convergence Divergence trades below the mid-line since March 13.
