Decentraland price analysis: MANA fails to fulfil $1.71 promise as bears take over again

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Decentraland price analysis has turned significantly bearish again, as price fell at the hands of bears to form a 9 percent decline over the past 24 hours. MANA dropped to as low as $1.05 for the first time since May 9, 2022, after climbing out of the market crash bullishly and hitting highs at $1.35. Since then, there had been expectation that the token would rise up to $1.71 over the previous trend. However, bears quickly took control of the market and pulled price downward while trading volume rose by 3 percent. During the day’s price action, MANA market cap dropped 8 percent and support went down to the $1 mark.

The larger cryptocurrency market continued to show a bearish outlook across the board, as major cryptocurrencies including Bitcoin incurred minor decrements. BTC dropped down to $29,000 with a 2 percent drop, while Ethereum dropped 3 percent to move below the $2,000 mark. Among major Altcoins, Cardano dropped heavily, moving down 6 percent to $0.52. Ripple and Dogecoin lost 3 percent each to move as low as $0.41 and $0.08, respectively. Solana also declined 6 percent at $51.27, while Polkadot incurred a 5 percent detriment to move down to $10.03.

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Decentraland price analysis: Cryptocurrency heat map. Source: Coin360

Decentraland price analysis: Price drops below 50-day EMA on daily chart

On the 24-hour candlestick chart for Decentraland price analysis, price can be seen shifting trends over the past 24 hours as bears take over the market. An Evening Star pattern is emerging that indicates change of trend, the extent of which is yet to be seen. Price has moved below the crucial 50-day exponential moving average (EMA) over the past 24 hours and is in line for a further descent downwards. Buyers will be able to hold MANA price above support at $1.05, however recovery could be difficult if the $1 mark is breached.

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Decentraland price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) also indicates a change in market valuation for the token, sitting at 38.63 and moving towards the oversold region. The RSI spiked up to 44.55 on May 14, 2022, when MANA looked to be climbing out of the previous week’s crash. However, trading volume has since risen with decreasing price, suggesting dominant seller action in the market. Meanwhile, the moving average convergence divergence (MACD) curve is also forming lower highs and could attempt a bearish divergence to move below the neutral zone over the coming 24 hours.

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