Headwind Forces Decentraland (MANA) Sustain Above a Higher Baseline at $0.4311

The price of the Decentraland token swiftly retraced to a support around the $0.4300 mark before bulls could halt the decline. However, there hasn’t been a considerable lift-off from the mentioned support level. With minimal positive movement in the ongoing session, traders hope for further price increases in this market.

Decentraland Statistics:
Current MANA Value: $0.4464
Decentraland Market Cap: $843,070,869
MANA Circulating Supply: 1,893,095,371
Decentraland Total Supply: 2,193,179,327
Decentraland CoinMarketCap Ranking: 76

Key Price Levels:
Resistance: $0.4464, $0.4500, and $0.4600
Support: $0.4400, $0.4350, and $0.4300

MANA Bulls Struggle to Keep Prices Above the $0.4311 Support

Since the past eight trading sessions, when Decentraland tried to surpass the last red set of the Guppy Multiple Moving Average (GMMA) line, bearish momentum seems to have set a new tone. Here, it could be perceived that the more recent overall downward correction has reduced momentum, allowing bears to initiate the minimal rebound off the mentioned support at the $0.4311 mark.

Nevertheless, the token’s price action hasn’t exited the bearish region because trading activities remain below the GMMA lines, placing the market within reach of a further downward correction. Likewise, the Moving Average Convergence Divergence (MACD) has started revealing that bearish influences are on the decline.

Decentraland Seeks to Extend Upside Corrections

Extending the scope of this price analysis to a MANA 4-hour price chart reveals that bulls may intend to use the downward correction as a re-entry point. A bullish price candle appeared immediately following the bearish one for the previous session, effectively snatching control from the bears and positioning the market for more upside corrections.

Decentraland now trades above three out of the green set of the GMMA, which may cause the token to gather more bullish traction. Additionally, the MACD lines are now at the initial stage of performing a bullish crossover, very close but below the equilibrium level. The last bar of the indicator here is now pale red, indicating a declining strength of downward forces. Therefore, traders can anticipate that price action may rise through the $0.4500 resistance towards the $0.4700 mark.

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