Decentarland (MANA) price continues to slide over after testing the February 9. However, on Saturday MANA took a breather near the crucial 50-day Simple Moving Average (SMA) at $2.91. The technical setup indicates the underlying bullish current in the pair.
- Decentraland price trades with modest gains on Saturday.
- MANA price registered nearly 100% gains from the January lows.
- Investors expect more gains above $3.55 in recent highs.
MANA Looks for an upside catalyst
On the daily chart, the Decentraland (MANA) has broken out from a long-term consolidation, potentially signaling the price correction from November 25 is over. MANA has been on the downside momentum since reaching an all-time high on November 25.
The price surged nearly 100% after testing the low of $1.70 on January 2. The upside momentum is taking a hit near the $3.50 level. Decentraland price encounters some selling pressure after failing to hold above the mentioned level.
The drop over the past three trading days is likely as the momentum oscillator retreats from the oversold zone. However, the buying pressure resurgence near the lower levels suggests bulls are not in hurry to give dominance to the sellers.
An acceptance above the 50-day Simple Moving Average (SMA) would result in another leg up. The first immediate target is placed at the $4.0 horizontal resistance level.
On the other hand, if the next candle is a red one then it could test the lows of February 3 at $2.43 followed by the low of January $1.70.
Technical Indicators:
Relative Strength Index (RSI): The Daily Relative Strength Index (RSI) pierce above the moving average line indicating an undercurrent bullish bias .
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a downward tilt.
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