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Can Decentraland Rise from The Multi Month Lows?Can Decentraland Rise from The Multi Month Lows? Decentraland serves as a creative platform for artists, entrepreneurs, and entertainment seekers, offering a novel canvas for expression, commercial ventures, and amusement. Moreover, The virtual expanse of Decentraland, known as the "Metaverse," consists of 90,601 unique plots of LAND. Each plot is an ERC-721 non-fungible token, signifying ownership of a 16m by 16m (256 square meters) which is a piece of virtual real estate, located at specific coordinates within the Metaverse. From a price action analysis, decentraland crypto made a breakdown of a consolidation phase and has slumped near the multi month lows looking for a firm footing. It ranks 105th in the cryptoverse boasting a $624.8 Million market capitalization. Moreover, the bulls seemed to be returning back in intraday as the price had jumped over 2.22% at the time of writing. The MACD lines have started converging indicating a possible continuation in the buying.
COINBASE:MANAUSDLong
by Ritika_TCR
MACD portrays a bullish crossThe Decentraland price chart an intense match between bulls and bears, initially, bulls had control, but later shift in the wind dropped the game in bears' favor. The recent price action shows an uncertain to bullish situation, as analyst are optimistic about it. At press time, the price has traded at $0.4514 with an intraday slight fall of -0.27%, with a market capitalization of $862.75 Million, and 24-hour trading volume at 57..99 Million. An analyst, CryptoRand, Tweeted with the bullish sentiment on the X platform that In Decentraland (MANA) a breakout has taken place out of a main downtrend based trendline on the daily chart. He further stated that it looks in a consolidation after breachiung the trendline, and looking primed for an upcoming rally in the coming sessions. Similarly, based on the analyst tweet, the MANA asset daily chart shows that it has been consolidating between the 20-day, and 50-day EMAs. This appears to be portraying bullish strength in the short-term, that could drive its price for $1.0. Likewise, the MACD portrays a bullish cross, with a rising histogram in MANA at 0.0031, and the RSI flashed at 50.41. It portrayed that the Decentraland crypto happens to be low on the momentum yet, as its sideways in a tight range, it appears not like a losing steam yet and it could burst anytime soon for continuing to climb higher in future sessions. Therefore, if the breakout rallies strongly, the next goal for the MANA price could be to reach the above levels, such as $0.5600, $0.7000 and $0.8000. On surpassing these hurdles, the doors could open for $1.0 price mark as well. On the contrary, if the price plunges then in this scenario, if the Decentraland crypto price fails to stay above the $0.4000 level, it could also decline further for lower levels.
COINBASE:MANAUSDLong
by Sam_TCR
the MANA crypto is close to the primary resistanceOn the daily chart of MANA crypto, there has been a fierce price battle between bulls and bears, which caused a significant formation in price structure. Initially, bulls led the way as the price surged from $0.2700 to $0.8000. However, on March 10th, 2024, bears disrupted the market, resulting in decreased momentum for the bulls. Consequently, bears took control and established new low and high points on the daily chart, creating a support level at the price of $0.3700. The MANA price then remained steady at this crucial level for several daily sessions. The recent Decentraland price has increased from the $0.3700 support level on April 14th, indicating slight resistance for bears, which could suggest a resurgence of bullish momentum. Furthermore, the MANA crypto is close to the primary resistance levels of the 20-day and 50-day Exponential Moving Averages on the daily chart. Additionally, the RSI is at 37.48, finding support on the 14-SMA, while the MACD is at -0.0399, indicating a bullish crossover. As of press time, the MANA price has reacted negatively with -2.31 % since yesterday and was at $0.4518, despite the weekly upsurge of 8.05%, bears are still active. Therefore, if the demand for Decentraland increases, it could experience a significant recovery from its current price point. The price may reach $0.5600 next, possibly even higher at $0.6400. However, if the price of the MANA cryptocurrency falls below the $0.3700 support level, it could drop further and hit even lower levels in future sessions.
COINBASE:MANAUSDLong
by Sam_TCR
MANA Price Has Crash Landed To Ground, Will It Show Resurgence? Mana Price is declining for the 3rd consecutive day and has retraced the 200 day EMA. At the time of writing, the Decentraland crypto was trading at 0.507 reporting a negative intraday development of 1.66%. The MANA price has been on the losing side for the third consecutive sessions on Saturday. The recent fall has taken the price near the 200 day exponential moving average. The daily chart shows that Decentraland crypto made a breakdown of the range formed over the daily chart. The breakdown has validated the possibilities of further correction in the price. Earlier, MANA crypto maintained a positive trajectory after a breakout in February till mid March. However, a sharp selling was observed from the monthly highs in the later weeks of March and has made a breakdown of 20 day EMA. However, the 50 day EMA acted as a dynamic support and a consolidation was observed in the last few weeks. The MANA price noted a breakdown yesterday and dropped near the 200 day EMA. However, the 200 day EMA may act as a dynamic support and the price may surge higher. The long term trend is still positive until the price hovers above the 200 day EMA. However, the short term trend has undergone a correction phase. Now if the bulls are able to surpass the 50 day EMA after sustaining above the 200 day it may indicate a termination of a correction phase and the price may rise again. MANA Crypto Active Addresses Analysis The active addresses display the number of addresses that are actively participating in the transactions of the MANA cryptocurrency. The above chart depicts the number of 24 hour active addresses and 7 day active addresses in correlation with the price. At press time, the number of 24 hour active addresses were 775 and the 7 day active addresses were 5326. Moreover, the trajectory of the active addresses witnessed a significant growth in February and first two weeks of March. However, the last few weeks have observed a decline in the number of active addresses. Top Addresses Are Offloading: Will Selloff Continue? The above chart depicts the supply held by the top addresses in correlation with the Decentraland price. As per the data, the supply held by the top addresses has been declining continuously since January. The top addresses are offloading their holdings in the MANA crypto. Looking precisely about the data, the top addresses were holding 45.5% of the total supply in the 1st week of January. The MANA price noted an uptick in February, however, the top addresses kept on offloading continuously despite a short term hike in the price. Since January the whales have offloaded a significant supply of nearly 2% and are currently holding 43.5% of the total supply. MANA Crypto: OI Data Insights The recent sessions witnessed a sharp selloff from the monthly high value. The Open Interest contracts curve also seems to be following the same curve and has dropped nearly 30% in the last few weeks. The total number of open contracts in the 1st week of March were $45.95 Million which has dropped to nearly $32.1 Million at the current time. MANA Crypto Forecast April 2024 The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the MANA price could advance to a high of $0.694 suggesting a potential gain of over 36.31%. The lower price target which the crypto could attain as per the analysts is $0.396 if it breaks below the 200 day EMA. Conclusion. MANA Price has been on a decline for the last three days, nearing the 200-day EMA. witnessing a breakout in February, Decentraland crypto faced sell-off in March, breaching the 20-day EMA but got support at the 50-day EMA. The recent breakdown has dragged the price near 200-day EMA, and could signal a rebound if sustained. The long-term outlook still remains bullish above the 200-day EMA, despite short-term corrections. Active addresses spiked in early March but have decreased in the last couple of weeks. Currently, there are 775 daily and 5326 weekly active addresses, indicating fluctuating user activity. Technical levels: Support levels: $0.47 and $0.396 Resistance levels: $0.604 and $0.694 Disclaimer The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
CRYPTO:MANAUSDShort
by Ritika_TCR
The MANA Crypto shows an uptrendThe MANA Crypto shows an uptrend from the price of $0.2700 to $0.8000. However, the price failed to jump above the supply and formed support at $0.5500. This formed support at $0.5500, proved a worthy support as the price spiked from this level and is currently trading at $0.6741 with an intraday loss of -2.61%. Moreover, the price is above 20-day and 50-day dynamic support bands, MACD is above zero line at 0.0121, and RSI is at 54.49, which has taken support from the 14-SMA smoothened line. Therefore, if the price wants to go more upside, then it needs to surpass $0.8000. this would open doors for more upside potential and could invite price towards $1.00 as well. On the flip side, if the price fails the current spike and deteriorates, then the price could fall beneath the $0.5500 level.
COINBASE:MANAUSDLong
by Sam_TCR
Possible Opportunity - Cup and Handle on 30mGood morning traders! Hope all is having a great weekend so far. MANA has been channeling upward, possibly forming a cup and handle pattern. RSI has plenty of room to push to the first TP. If this pattern takes further shape, we could 1.00 within the next week. Will be keeping an eye on this possible option for opportunity. Would love to hear your thoughts! TP1 - 0.85 TP2 - 1.00 Information provided here is not intended as financial advise. Please, dyor.
COINBASE:MANAUSDLong
by TheWaveRider