Decentraland has recently gained momentum, resulting in a rise through multiple resistance levels, breaking a two-month-old resistance during the current trading session.
Key MANA Statistics:
Current Decentraland Value: $0.4016
MANA Market Cap: $758,468,149
Circulating Supply of MANA: 1,893,095,371
Total Supply of Decentraland: 2,193,179,327
Decentraland CoinMarketCap Ranking: 60
Key Price Levels:
Resistance: $0.4016, $0.4100, and $0.4200
Support: $0.4000, $0.3900, and $0.3800
Potential for Profit by Dip Buyers in the Decentraland Market
In the MANAUSDT daily market, significant movements were observed as the price moved out of a consolidation phase, ranging from $0.2647 to $0.3222. The recent price surge quickly broke multiple resistances in nine sessions, reaching a considerable distance above the two-month-old resistance.
Although the ongoing session showcased a modest downward correction, the price action remains above this long-standing resistance. Furthermore, it sustains an upward trajectory, still above the Guppy Multiple Moving Average curves, while the Moving Average Convergence Divergence (MACD) indicator lines continue to climb upwards.
Expectation of MANA Bulls to Recover Previous Losses
In the 4-hour Decentraland market, today’s trading session revealed an attempt to test the $0.4200 resistance. However, this triggered selling pressure, pushing prices slightly below that level. Despite this, the last price candle on the chart kept the price above the two-month-old resistance at $0.3979.
A closer examination of price movements indicates a slight shift from the daily market’s pattern, as the token’s price has increased from $0.4016 to $0.4020. Additionally, the token price remains above the GMMA line. Notably, the leading line of the Relative Strength Index (RSI) is bending slightly towards the lagging line, hinting at a potential bullish crossover. Consequently, the price action in this market could potentially target the $0.4200 level.
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