- Decentraland price losses as much as 16% on Wednesday, to rally more than 18% on Thursday before settling on Wednesday’s opening price.
- MANA’s present position within the Ichimoku Kinko Hyo system points to a bearish bias.
- A combination of weak hands and profit-taking is likely to push Decentraland to the $2 value area.
Decentraland price is very close to confirming one of the most sought-after short-entry setups in the Ichimoku Kinko Hyo system: the Ideal Bearish Ichimoku Breakout. If confirmed, a prolonged downtrend is highly probable.
Decetraland price sees bulls and bears battle for dominance
Decentraland price could be positioning for a more extended downswing than initially anticipated. The Ideal Bearish Ichimoku Breakout was recently confirmed on the Wednesday close after fulfilling all of the requirements for that short entry. The conditions for that entry are as follows:
- Future Senkou Span A below Future Senkou Span B
- Tenkan-Sen below the Kijun-Sen
- The current close is below the Tenkan-Sen and the Kijun-Sen
- The current close is below the Cloud
- Chikou Span is below the bodies of the candlesticks and in open space
- Open space is a condition where the Chikou Span would not intercept the body of any candlestick horizontally over the next five to ten periods.
All of the conditions above were fulfilled on Wednesday’s close. Decentraland price, today, has made several attempts to return above Senkou Span B and the Kijun-Sen, but those efforts have been rebuffed. As a result, this current test of the breakout below the Cloud, if it holds, will likely generate some substantial selling pressure.
MANA/USDT Daily Ichimoku Chart
Because Decentraland price has yet to make a standard 50% retracement from its recent bull run, a return to the 50% Fibonacci retracement at $2.00 is likely.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.