Decentraland [MANA] short-term traders can look to buy at…

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Dis­claimer: The infor­ma­tion pre­sent­ed does not con­sti­tute finan­cial, invest­ment, trad­ing, or oth­er types of advice and is sole­ly the writer’s opinion.

  • The drop below $0.62 meant the struc­ture was bearish.
  • The Fibonac­ci lev­els showed that MANA investors can keep an eye on the $0.4-$0.5 region.

Decen­tra­land per­formed extra­or­di­nar­i­ly well in 2023. Its native token saw a sharp retrace­ment in Feb­ru­ary and March on the price charts.

The $0.623 lev­el of sup­port was breached on 3 March, but the gains of the past week meant the same lev­el has been flipped to sup­port once more.


Read Decentraland’s [MANA] Price Pre­dic­tion 2023–24


At the time of writ­ing, MANA showed a like­li­hood of a move toward $0.7. Even though its mar­ket struc­ture was bear­ish on the dai­ly time­frame, the bulls had a fight­ing chance, pro­vid­ed Bit­coin does not see a sharp drop.

The 61.8% retracement meant bulls have a strong chance of more gains

Decentraland was headed toward more gains but the higher timeframe bias was bearish

Source: MANA/USDT on TradingView

The ear­ly 2023 pump from $0.29 to $0.84 in ear­ly Feb­ru­ary rep­re­sent­ed gains of close to 195% in under six weeks. This broke the down­trend that Decen­tra­land has been on since last August and flipped the struc­ture to bullish.

The Fibonac­ci retrace­ment lev­els showed that, even though the retrace­ment was deep in recent weeks, the 61.8%-78.6% gold­en pock­et remained as sup­port. Hence there was a chance that MANA could con­tin­ue to trend high­er like it did ear­li­er this year.

The Awe­some Oscil­la­tor showed bear­ish momen­tum, but the green bars on the his­togram indi­cat­ed weak­en­ing bear­ish­ness. Mean­while, the OBV was also in a down­trend and has not breached its low­er high. This was in line with the bear­ish mar­ket structure.


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The fair val­ue gap high­light­ed in white on the dai­ly chart coin­cid­ed with the bull­ish break­er (red) at the $0.6 region. It was like­ly that a drop into this region would pro­vide a move high­er toward the bear­ish order block at $0.71.

The advancing mean coin age suggested a rally could be in sight

Decentraland was headed toward more gains but the higher timeframe bias was bearish

Source: San­ti­ment

The 30-day MVRV ratio con­tin­ued to move in the neg­a­tive ter­ri­to­ry and has done so since Feb­ru­ary. This high­light­ed sell­ing pres­sure behind the asset in recent weeks.

On the oth­er hand, the 90-day mean coin age has been on the rise. This denot­ed accu­mu­la­tion across the mar­ket. More­over, there were no large spikes in the exchange flow balance.

The pre­vi­ous plunge was in mid-Feb­ru­ary when 229.3 mil­lion MANA was moved onto exchanges and was accom­pa­nied by heavy sell­ing pressure.

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