- Decentraland (MANA) market witnesses prevailing bearish sentiment, facing resistance at $0.4054.
- MANA market experiences 3.79% decrease, currently trading at $0.3877.
- Prevailing bearish sentiment leads to decline in market capitalization and trading volume.
Over the past 24 hours, the Decentraland (MANA) market has witnessed a prevailing bearish sentiment, with the bulls facing challenges in surpassing the resistance level at the 24-hour high of $0.4054.
Following that bears exerted downward pressure on the price, causing it to reach an intra-day low of $0.3862, at which point the MANA market encountered a level of support. The prevailing bearish sentiment continues to dominate, resulting in a 3.79% decrease from the previous closing price, with MANA currently trading at $0.3877.
If the prevailing bearish momentum persists and successfully breaches the support level at $0.3862, closely monitoring the subsequent level around $0.3800 is crucial.
This particular level has demonstrated its resilience as a strong support zone in the past, making it likely to garner buying interest if it is reached. Nevertheless, if the market continues to be dominated by bearish sentiment, we may witness a downward movement towards the next notable support level at $0.3700.
In contrast, should the bulls reclaim dominance and propel the price beyond the 24-hour high of $0.4054, this could signify a trend reversal and ignite a rally towards the subsequent resistance level at $0.4200.
Amid prevailing bearish sentiment, Decentraland (MANA) witnessed a decline in its market capitalization and 24-hour trading volume, experiencing a decrease of 4.23% and 23.32%, respectively. Presently, the market capitalization stands at $733,361,795, while the 24-hour trading volume amounts to $43,941,446. These figures indicate a dip in performance, reflecting the prevailing cautious sentiment within the market.
MANA/USD Technical Analysis
The 4-hour price chart reveals a noticeable downward trend in the Keltner Channel bands. Specifically, the upper band is positioned at 0.46663324, the middle band at 0.39850703, and the lower band at 0.38072177. This arrangement suggests that the MANA market will likely continue experiencing bearish momentum in the immediate future.
Moreover, the MACD line is currently exhibiting a downward trajectory, residing in the negative region at a reading of -0.00046200. This movement serves to strengthen the prevailing bearish sentiment within the market. Furthermore, the histogram displays red bars, indicating continued downward pressure on the price of MANA.
When these indicators converge, it validates the prevailing bearish sentiment and instills apprehension regarding the potential short-term price rebound.
In summary, MANA is experiencing a strong bearish sentiment, potentially declining towards $0.3700 if support levels are breached. Bulls must reclaim the $0.4054 level to initiate a trend reversal.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
