Decentraland Price Displays Bullish Trend! What’s Next For MANA Price This Month?

The post Decentraland Price Displays Bullish Trend! What’s Next For MANA Price This Month? appeared first on Coinpedia Fintech News

The Decentraland (MANA) price continues to display significant price volatility, suggesting a rise in the buying and selling pressure in the cryptocurrency market. Further, the MANA token has recorded a notable jump of 3% within the past day, indicating a bullish price action.

The Decentraland price traded in a closed range between $0.4881 and $0.5208 for about a week, following which the market regained power and the price broke out of the range. The MANA coin price jumped over 13.5% before facing rejection at $0.5907.

After this, the bulls lost momentum and recorded a correction of approximately 12% in valuation. Following this, the price traded in a consolidated range between $0.5208 and $0.5597 for a period.

TradingView: MANA/USDT

After multiple attempts, the bulls failed to hold the price above the support level of $0.5208, resulting in a correction of 22.10% in four days. The bulls quickly regained momentum, resulting in a bounce back of 13% in valuation.

Following this, the price traded sideways for a while, after which the bulls gained just enough momentum to break out of the resistance level. Since then, the price has been constantly trading in a consolidated range between $0.4319 and $0.4881, indicating a weak price action in the market.

Negatively, the Cross EMA 200-day acts as a resistance to the price, highlighting a strong bearish influence in the crypto space.

Will MANA Price Regain Value?

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating increased buying pressure in the market. Further, the averages show a constant rise, highlighting a bullish influence in the crypto space.

If the market regains momentum, the MANA price will test its resistance level of $0.4881 soon. Moreover, if the bulls maintain the price at that level, the Decentraland price will prepare to test its upper resistance level of $0.5208 in the coming days.

Negatively, if the bulls fail to gain momentum, the price will fall and test its support level of $0.4319. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.4051 over the weekend.