The decentralized price fell on Tuesday after failing to hold the previous session high of $3.18. Buyers manage to pull back from the lower levels, which is keeping the reversal sentiment intact. However, the expected bounce back from current levels needs confirmation from other technicals.
- Decentraland (MANA) price extends the previous session’s decline.
- Sellers pause near the multi-month support area of $2.84.
- The price is consolidating in the $3.10 and $2.84 range since Jan.
Tripple bottom near $2.80 could rise 20%
After losing 23% from the January 7 high at $3.45, the coin recovered sharply and reached as high as $3.20. However, the upside momentum was short-lived and the price edged lower towards familiar lower levels. The MANA bulls make higher highs but the lows remain the same. The bearish divergence in the daily Relative Strength Index (RSI) pulls the price lower. Now, the momentum indicators trade at 39, which causes caution towards strong bids. According to the readings, the bears are losing momentum at current prices. Traders should watch for acceptance of the $2.80 support once again.
MACD (Moving Average Convergence Divergence) is trading below the moving average with a bearish crossover. It will be interesting to see if the bulls can defend today’s lows. From here, the price could pull back to recent highs.
Looking at the other side of the story, a daily close above $2.90 could be the first potential upside target at the $3.01 horizontal resistance. This will prompt the bulls to take over the previous day’s highs near $3.20.