Decentraland [MANA] falls to half-dollar value

Decentraland [MANA] falls to half-dollar value

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • The daily chart was strongly bearish. 
  • The lower timeframe charts were bearish too.

Decentraland [MANA] broke below its consolidation range of $0.8254 – $0.6314 in early March, attracting aggressive selling afterward. At press time, the virtual reality blockchain platform’s token struggled to maintain its half-dollar value. 

Read Decentraland [MANA] Price Prediction 2023-24

Similarly, Bitcoin [BTC] struggled to maintain the $20K value as overall market uncertainty persisted and could expose MANA to price fluctuations too. 

A consolidation, sustained dump, or recovery for MANA

Source: MANA/USDT on TradingView

MANA curved a bullish flag pattern, but a potential bullish rally was undermined by increasing market uncertainty. Bulls lost crucial leverage after bears breached the $0.6314 support on March 3.

The aggressive selling afterward has further sunk MANA below another key support at $0.5326. At the time of writing, MANA oscillated between the 100-day MA (Moving Average) of $0.5422 and $0.4986. 

 If BTC fluctuations persist, MANA could enter a sideways market structure. As such, investors could target the upper and lower boundaries of the $0.5422 – $0.4986 range for gains.

However, a breach of the range will invalidate the above sideway structure. Notably, a bearish breakout could settle at $0.4600 or $0.4200.

On the other hand, a bullish breakout and a daily candlestick close above $0.5326 could inflict recovery with an immediate target at $0.6314.

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The RSI has declined significantly, while the OBV (On Balance Volume) also dipped, showing limited buying pressure and trading volumes. 

Mean Coin Age and weekly active addresses increased

Source: Santiment

According to Santiment, the 90-day Mean Coin Age rose steadily, suggesting a possible bullish rally. Similarly, an uptick in weekly active addresses in the past few days could boost the trading volumes needed to inflict a recovery. 

However, the weighted sentiment remained in the negative territory, showing that investors’ confidence in the asset declined. In addition, the uncertainty around BTC could delay a strong recovery. Therefore, BTC and investors should track the king coin’s price action before making moves. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating.
Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him.
P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous.
Wait, are they Satoshi? :/

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