The Decentraland Price Surges by 14% as Investors Stock Up on the Popular Metaverse Token
The price of Decentraland (MANA) has experienced a significant surge of over 14% in the past 24 hours, reaching $0.4061 as of 9:25 am EST. This increase has also flipped the altcoin’s weekly performance to a positive gain of 11%. However, there is a risk of a potential pullback in the coming days, with a possible drop to the immediate support level at $0.3665. If selling pressure continues, MANA’s price may break below this level and fall out of its price channel, potentially reaching the subsequent support level at $0.3285 within the next two weeks.
Decentraland Price – The Bull Case
To invalidate the bearish thesis, MANA’s price needs to close a daily candle above $0.4125 within the next three days. If this threshold is achieved, the altcoin may continue to rise and attempt to overcome the upper level of its positive price channel, potentially climbing to $0.4510. However, given the recent surge in MANA’s price, traders may take profits, leading to a temporary correction before another potential upward movement.
Technical indicators on MANA’s daily chart are currently conflicting. While the Moving Average Convergence Divergence (MACD) indicator suggests a bullish trend continuation, with positive MACD Histogram gradient and breaking away MACD line above the Signal line, the Relative Strength Index (RSI) indicator shows a loss of strength in bulls during the past 24 hours. Although there is still room for MANA’s price to rise before entering overbought territory, its downside potential currently outweighs its upside potential.
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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.