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The obtained support at the $0.4311 price level seems to be holding well. Price action in the Decentraland (MANA) daily market has gathered significant traction after gaining a foothold at that price level, brightening the market outlook and positioning it for more upside moves.
MANA Statistics:
Current Decentraland Value: $0.4672
MANA Market Cap: $865,422,321
Decentraland Circulating Supply: 1,893,095,371
MANA Total Supply: 2,193,179,327
Decentraland CoinMarketCap Ranking: 75
Key Price Levels:
Resistance: $0.4672, $0.4700, and $0.4800
Support: $0.4600, $0.4500, and $0.4400
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MANA Bulls Recovers a Considerable Part of Previously Incurred Losses in Previous Sessions
Today’s session proved profitable for the Decentraland daily market, with the token price increasing by an impressive 7.61%. This surpasses key marks on technical indicators like the Guppy Multiple Moving Average (GMMA) indicator, with the price candle for the ongoing session growing past the green set of GMMA lines.
Trading activities are now occurring above the mentioned technical landmark, and the Moving Average Convergence Divergence (MACD) indicator lines have converged for a crossover. The red lines of the GMMA indicator are crossing the green ones, indicating potential continued price increases.
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Decentraland’s Outlook Remains Promising Despite Experiencing Rejection
In the MANA 4-hour market, price action has risen past the two sets of GMMA lines. Despite a downward correction in the ongoing session, price action remains above the crossed GMMA lines. A lower shadow is visible on the last red price candle on this chart, corresponding to the ongoing session.
Additionally, a crossover has occurred on the MACD indicator, and green bars have started appearing above the equilibrium level, revealing that bullish momentum is rising, propelling prices further upwards. Traders can anticipate a trend continuation towards the $0.4900 mark.
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