TL;DR Breakdown
- Decentraland price analysis shows price upped 3 percent on Tuesday
- Price could move as high as $2.80 if bullish formation continues
- Downside risk exists with potential price movement below $1.95
Decentraland price analysis is highly bullish today, as price racked up more than 3 percent over 24 hours to move as high as $2.20. The uptrend continued from yesterday when buyers came into the market after crashing down to $2.03 on April 17. MANA faced rejection at the 200-day moving average at $2.62 on April 7 and had since been in consistent decline. With bearish pressure soaring, the current resistance sits at $2.30 with downside support at $1.95. At current trend, the formation of an ascending triangle indicates that price will push upwards.
The larger cryptocurrency market posed movement upwards across the market as Bitcoin moved within touching distance of the $41,500 mark. Ethereum also consolidated above $3,000 with a 2 percent rise. Among major Altcoins, Ripple moved up to $0.77, while Cardano and Dogecoin rose 2 percent each to move up to $0.95 and $0.14, respectively. Terra made the biggest jump across the market with a significant rise to reach $95.70. Solana and Polkadot rose 6 and 4 percent, respectively, to move up to $108.37 and $18.88.
Decentraland price analysis: MANA market valuation soars on daily chart
On the 24-hour candlestick chart for Decentraland price analysis, price can be seen forming an ascending triangle after setting increments on successive days. Price jumped more than 6 percent since April 17 to pose prospects of revisiting the 50-day exponential moving average at $2.44. In this respect, the relative strength index (RSI) for MANA shows promising signs with an increasing value at 42.16. The moving average convergence divergence (MACD) curve is set for form a bullish divergence towards the neutral zone and further strengthens the bullish outlook for Decentraland.
Conversely, movement on the downside below the support zone at $1.95 could trigger a fresh round of sell offs and MANA could be in line to revisit the January 22 low of $1.70.
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