Decentraland price analysis

Decentraland’s price analysis is very bullish today, as the price rose more than 3 percent in 24 hours to hit $2.20. The uptrend has continued since yesterday as buyers entered the market after falling to $2.03 on April 17, 2022.

MANA faced resistance to its 200-day moving average of $2.62 on April 7, 2022 and has been on a steady decline since then. With the downward pressure mounted, current resistance is $2.30 and support is $1.95. In the current trend, the formation of an upward triangle indicates that the price is going up.

The larger cryptocurrency market is causing bulls across the market as Bitcoin moves within touch of $41,500. Ethereum is also consolidating above $3,000 with 2% growth. Among the major altcoins, Ripple jumped to $0.77, while Cardano and Dogecoin were up 2% to $0.95 and $0.14, respectively. Terra made the biggest jump in the market with a significant rally to $95.70. Solana and Polkadot were up 6 percent and 4 percent, respectively, to $108.37 and $18.88.

Decentralized analysis and prices: MANA market valuation is increasing on the daily chart

Decentraland price analysis candlestick The 24-hour chart shows the price forming an upward triangle after taking steps on consecutive days. Prices jumped more than 6 percent from April 17, 2022, to create the prospect of a revisit of the 50-day moving average that is creeping exponentially at $2.44.

In this regard, the Relative Strength Index (RSI) for MANA is showing encouraging signs rising to 42.16. The moving average divergence (MACD) curve is tuned to form an upside divergence to the neutral zone, further enhancing the upside perspective for Decentraland.

Conversely, a move below the $1.95 support zone could trigger a fresh round of selling and the MANA could come online to revisit the January 22 low of $1.70.

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