Decentralized Paradise [MANA] Drop to Half Dollar Value – Can the Bulls Win?

Disclaimer: The information presented does not constitute financial, investment, trading or other type of advice and is solely the opinion of the author

  • The daily chart is strongly bearish.
  • The lower time frame charts are also bearish.

Decentralized Paradise [MANA] The dip below the $0.8254 to $0.6314 consolidation range in early March has since attracted aggressive selling. At press time, the virtual reality blockchain platform’s token is struggling to maintain its half-dollar value.

Read Decentraland [MANA] Price Forecast 2023-24

Likewise, Bitcoin [BTC] As overall market uncertainty persists and may expose MANA to price volatility as well, it will be difficult to maintain a value of $20,000.

Consolidation, continued plunge or recovery of MANA

Source: MANA/USDT on TradingView

MANA bends bullish flag, but heightened market uncertainty dampens potential bullish rally. After the bears breached the $0.6314 support on March 3, the bulls lost key leverage.

The subsequent aggressive selling took MANA further below another key support at $0.5326. At the time of writing, MANA is fluctuating between the 100-day moving average at $0.5422 and $0.4986.

If BTC volatility persists, MANA may enter a sideways market structure. Therefore, investors can target the upper and lower bounds of the $0.5422 to $0.4986 range for gains.

However, a breakout of this range will invalidate the above-mentioned sideways structure. Notably, a bearish breakout could close at $0.4600 or $0.4200.

On the other hand, a bullish breakout and daily candlestick close above $0.5326 could lead to a rebound with a near-term target at $0.6314.

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The RSI is down significantly, while the OBV (Balance Volume) is also down, indicating buying pressure and limited volume.

Average coin age and weekly active addresses increase

Source: Santiment

According to Santiment, the 90-day average coin age is steadily increasing, indicating a possible bullish rally. Likewise, the increase in weekly active addresses over the past few days may increase the transaction volume needed for a recovery.

However, the weighted sentiment remains in negative territory, indicating a decline in investor confidence in the asset. Additionally, uncertainty surrounding BTC could delay a strong recovery. Therefore, BTC and investors should track the price action of Wang Coin before taking action.

Source of information: Compiled from AMBCRYPTO by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

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