Home Latest Cryptocurrency News Decentraland (MANA) could rise after finding support at $1.75

Decentraland (MANA) could rise after finding support at $1.75

By Motiur Rahman - min read
30 January 2022

On Saturday, Decentraland (Mana) expands the consolidated movements.
Expect the rally to continue beyond the $2.50 to $3.0 demand zone.
A breach below $2.03 would invalidate the bull's hypothesis.

The price of Decentraland has remained stable at current levels, making a hammer candlestick on January 22. Although there is less purchasing activity in cryptocurrencies, they are still building a bullish setup. MANA/USD is now trading at $2.31, up 1.23 percent on the day. The current market capitalization of MANA is $4,304,417,127 USD, with a current circulation of 1,824,500,835 MANA coins and without maximum supply.

Decentraland (MANA) prepares for a U-turn

The price has been on a downward trend on the daily charts since testing the 50-day moving average on December 27. The price had already dropped from all-time highs of $5.91 on November 25, a total value drop of 48 percent. Investors challenged the $3.06 level three times, a support-turned-resistance level. As a result, it is a critical trading level.

Source – TradingView

The daily relative strength index (RSI) is now trading at 38, with a bullish crossing suggesting that the pair is poised to go higher. The declining trend line from the stated line, which is at $2.50, is the immediate resistance.

In addition, the bulls would dig deep to reclaim the psychological $3.06 level. This will also coincide with the 50 DMA re-test. A clear break above this level might entice additional investors to join the renewed upward trend.

Conversely, the bullish thesis will be invalidated if the price falls below the $1.98 horizontal support line. The $1.50 level would be the objective for sellers. More fall is likely targeting the descending channel's bottom trend line at 1.32. The last time these levels were witnessed was in October.