MANA Price Prediction: Attempts To Breach Descending Trend line; Targets $2.40 Next

MANA price stays negatively skewed shifting in a decent vary. The value motion lacks conviction for a transparent development. Decentraland (MANA) is following a long-term descending resistance line with resistance at $5.91.

• MANA value trades with losses on Tuesday.
• Anticipate a bounce towards $2.40 if breaks above the bearish slopping line.
• The draw back is capped close to $2.20.

MANA value seeks short-term bounce

On the 1-hour timeframe, the MANA value is displaying power and is in preparation to flee two quick upside hurdles. If taken out efficiently MANA value might be seeing interim upside goal on the horizontal $2.30 resistance stage.

The metaverse coin opened decrease however rapidly examined the session’s excessive earlier than retracing again to the lows of $2.22. This occurs to be ‘double’ assist for the worth on account of MANA making an attempt to bounce again towards the descending trendline.

The bearish trendline, which extends from the highs of $2.44 acts as a resistance for the bulls.

If the worth takes out a $2.30 upside filter then bulls will transfer ahead to hunt the subsequent goal at $2.35.

A sustained shopping for stress will carry highs of March 13 at $2.44 in play.

Then again, a spike in promote order may proceed with the draw back momentum. A break under the session low will take a look at the lows made on January 24 at $1.80.

MANA’s value depreciated practically 73% from document highs made on November 25 at $5.91. As of writing, MANA/USD is buying and selling at $2.24, down 3.69% for the day. As per the CoinMarketCap, the 24-hour buying and selling worth of Decentraland holds at $264,560,490.

Technical indicators:

RSI: The hourly Relative Energy Index approaches the oversold zone. Any downtick within the indicator may push the worth decrease.

MACD: The Shifting Common Convergence Divergence trades under the mid-line since March 13.