Decentraland (MANA) Facing Critical Trendline Retest: What’s Next?
Decentraland (MANA) is currently at a critical juncture as it faces a key trendline retest that could determine its future price action. With the price hovering near a crucial support level, all eyes are on whether MANA will hold the line and potentially spark a bullish reversal or face increased volatility and uncertainty. Traders and investors are eagerly awaiting to see if MANA can withstand the pressure and pave the way for a significant breakout.
Market Sentiment: 🐂 Are Bulls Ready To Take Charge?
- MANA’s price is trading below the 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling a bearish attempt to retest the trendline support.
- The Relative Strength Index (RSI) on the 4-hour chart is below 50%, indicating a higher chance of continued downward movement towards the trendline retest.
- On the daily chart, MANA has been on a bearish trajectory, with strong selling pressure and negative market sentiment evident in bearish candlesticks.
- The 1-day RSI shows bearish pressure on MANA, with the signal line dropping below 50%, signifying growing selling pressure and a negative sentiment for the digital asset.
Support Vs. Resistance: What’s Next For MANA?
- If MANA faces rejection at the bearish trendline, it could lead to a significant upsurge towards $0.3103 resistance and beyond.
- A breakout above $0.3103 could signal further gains, aiming at the next resistance levels at $0.3483 and higher.
- If MANA fails to hold below the trendline, it may consolidate or fall back to $0.2559 support, possibly targeting $0.2170 and lower support levels.
- Currently trading at $0.2792, MANA has seen a 3.7% decline with a total market cap of $518 million and a trading volume of $27 million in the last 24 hours.
Hot Take: 🔥 Decentraland (MANA) Prepares For Make Or Break Moment
Decentraland (MANA) is on the brink of a crucial decision as it faces a trendline retest that could determine its next major move. Traders and investors are closely watching to see if MANA’s price can hold crucial support levels and potentially ignite a bullish rally. Will MANA live up to expectations and break out to new highs, or will it succumb to selling pressure and face further downside? The upcoming days will be pivotal in revealing MANA’s true direction.
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