Decentraland: MANA Price Fell 11%; How Much it May Extend Down?

• 1 MANA price prediction has turned bearish for January 2024 and suggests more downside is pending.
• 2 Decentraland price is trading in between the 50-day and 200-day EMA.
• 3 The sudden fall in MANA crypto has raised concern for long-term investors.

MANA price prediction tells us that bullish momentum in this crypto has taken a halt and time for correction has begun. It is forming a bearish pattern on a daily time frame chart and sellers showing their dominance.

In the recent fall, the Decentraland price slipped below the 50-day EMA, indicating the sign of a short-term bearish trend reversal. If the bears succeed in keeping the price below the EMA in the coming few sessions, we can say that bears have taken control and the trend has reversed.

However, the 200-day EMA placed near to the price which might become a savior for bulls. The chart pattern of MANA crypto is turning bearish and sellers continue their dominance.

The selling volume is also on the rise and the price is also falling. It is an indication that some long-term investors are taking the exit and expecting more downfall.

The sudden fall has raised concern for the long-term investors. It created doubt among buyers that accumulating MANA on dips would be good or they should search for alternatives. Decentraland price is currently trading at $0.4616 with a one-day downtick of -2.80%.

Bears Attack on MANA Price; What’s Next?

Source: MANA/USDT daily chart by Tradingview

MANA price prediction says bears have shown their presence on the higher levels and are trying to erode the previous gains. The bears’ attack had strength so more downside is possible in the coming months.

On the higher side, the new supply zone is in the range between $0.5514 to $0.6076. So, any bounce toward the resistance might face difficulty in sustaining the higher levels.

Meanwhile, the overall crypto market is turning bearish which may negatively impact the price of MANA. The analysis suggests that this crypto is on the sellers’ radar. So, it may hit new swing lows.

Decentraland Price is Turning Bearish on the Weekly Chart

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Decentraland price fell 11% in the current week and formed a giant bearish candle. It is turning bearish on multiple time frame charts, which may negatively impact the sentiment of investors. Therefore, investors should be careful and properly calculate their risk before building a position on any side.

Conclusion

MANA price prediction is mildly bearish for the short term and sellers dominance is visible. The recent fall has shaken the confidence of investors and showed signs of a bearish trend reversal. The analysis suggests that this crypto may decline further and may hit the $0.3500 level.

Technical levels

• Resistance levels: $0.5514 and $0.6076
• Support levels: $0.3740 and $0.3250

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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