MANA Technical Analysis: Price May Fall Below the First Support Level of $1.38

Decentraland is a blockchain-based virtual reality platform. This platform allows users to create, trade, and explore in the virtual gaming world. It has an advanced builder tool that enables users to create artworks, animations, scenes, challenges, and much more and win rewards. MANA is the utility or the prime governance token that powers this ecosystem.

Past Performance

On April 14, 2021, MANA started trading at $1.12. As of April 20, 2021, MANA closed at $1.40. Thus, in the past week, the MANA price has surged by approximately 25%. In the last 24 hours, MANA is trading between $1.38-$1.45.

MANA Price Analysis

Day-Ahead and Tomorrow

Currently, MANA is trading at $1.41. The price has increased from the opening price of $1.40. Thus, the market seems to be uptick.

The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to go down.

The OBV indicator has started falling gradually. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the MANA price. Thus, the OBV indicator is giving further credence to a bearish price trend.

The RSI indicator is currently at 40%. It faced rejection at 47%. Thus, the RSI indicator is also showing high selling pressures. In a nutshell, all three oscillators are indicating that the price is likely to start declining soon.

MANA Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $1.41. But, since all the technical indicators have given bearish signals, the price may fall below the first support level of $1.38 soon. If the bears remain strong throughout the day, the price may fall below the subsequent support levels of $1.37 and $1.34, respectively.

The price has fallen below the 50% FIB retracement level of $1.415. In some time, it may fall below the 61.8% and 76.4% FIB retracement level of $1.406 and $1.396, respectively. In short, the price downtrend seems strong and is likely to continue tomorrow as well.


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