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.
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.
