MANA Price Analysis 24/03: MANA Drops Below $0.6 level As Bears Strike

MANA Price Analysis 24/03: MANA Drops Below $0.6 level As Bears Strike

Source Node: 2028608

SNEAK PEEK

  • Decentraland price analysis shows bearish market sentiment for the MANA/USD pair.
  • The cryptocurrency is facing strong resistance at the $0.6198 mark, as bears take control of the market.
  • The MANA coin is currently at $0.5981, down over 0.73% in the past 24 hours.

A recent tweet has revealed that both Polygon (MATIC) and Fetch.ai (FET) have witnessed transactions valued at over $40 million on their respective networks. Investors and traders have been advised to stay vigilant and monitor certain cryptocurrencies including Decentraland (MANA), DIA, Immutable (IMX), and The Sandbox (SAND), as they have hosted some major whale moves recently. The tweet highlights the possibility of these cryptocurrencies experiencing price surges in the near future, potentially presenting good investment opportunities for those willing to take the risk.

The Decentraland price analysis reveals that the market has formed a bearish trend despite the price of MANA being on an uptrend since the beginning of today’s trading session. The bears have taken control of the market, pushing the price of MANA below the $0.6 level. The buying pressure has been reduced and the sellers are dominating the market.

The cryptocurrency kicked off its trading session on a high note and registered a positive rally. MANA reached its peak of $0.6198 before the bears stepped in and the price started declining. The bears are now pushing the price lower and it has dropped below the $0.6 level losing over 0.73% in the past 24 hours.

The resistance level at the 0.6198 level has been strong and the sellers have been able to push the price below this point in the past few hours. The buyers are struggling to bring back momentum and take the price above this point, but so far they have not been successful. However, any sudden volatility in the digital asset market could affect the price of MANA and cause it to fall below the $0.5923 support level, which could lead to further consolidation.

The Decentraland market cap stands at $1.1 billion, decreasing by 0.73% over the past 24 hours while the 24-hour trading volume is recorded at over $84 million. The circulating supply of MANA tokens is currently 1,855,084,192 MANA, according to CoinMarketCap.

The technical indicators on the daily chart are also in favor of the bearish trend, as the Relative Strength Index has dropped further into the neutral region, displaying a negative crossover that signals sellers are dominating and pushing MANA downward. Currently, the RSI is at 48.34.

The Moving Average Convergence Divergence is also displaying a bearish momentum with the MACD line heading toward the signal line and further extending its downward trajectory. Additionally, the current price is below the moving average indicator at $0.6102, with the 50-day MA and 200-day MA both heading downward.

In conclusion, the Decentraland price analysis shows that MANA/USD pair faces rejection at $0.6198 as bears are currently dominating the market sentiment. If the selling pressure continues, the digital asset could see further volatility and may dip below the $0.5923 level. The technical indicators are also implying a bearish trend as both RSI and MACD are slowly heading toward the bearish region.

Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.

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