Decentraland price at a critical juncture, as MANA bears challenge key support
- MANA price turns into green for the first time in four days on Saturday.
- Decentraland bears testing bullish commitments at critical 50-DMA support.
- Public adds metaverse token Decentraland to its crypto trading platform.
Decentraland price is finding some solace from the weekend love after falling for three days in a row, as MANA bulls look to make a comeback from a critical demand area.
MANA price is tracking the bullish sentiment seen across the crypto market, underpinned by the latest news that Trading App Public added four more digital assets, including metaverse token Decentraland, to its crypto trading platform.
At the press time, Decentraland price is trading at $3.40, up 3.20% on the day, confined within a $1 narrow range.
Decentraland bulls taking a chance but RSI still remains below 50.00
Looking at the daily chart, MANA price is challenging critical support at $3.25, which is the upward-sloping 50-DMA.
It’s worth noting that the price has not closed below the 50-DMA since October 27.
Defending the 50-DMA is critical for MANA bulls to initiate a meaningful recovery towards the $4 threshold.
If the turnaround picks up strength, then ADA buyers could flex their muscles towards the mildly bearish 21-DMA at $4.21.
The 14-day Relative Strength Index (RSI) is recovering from lower levels, justifying the latest upturn in MANA price.
Although caution prevails, as the leading indicator continues to stay below the 50.00 level.
MANA/USDT: Daily chart
A daily below the 50-DMA support could fuel a sharp drop towards month-long rising trendline support of $2.71.
Selling resurgence could see the November 10 lows of $2.15 at risk, below which the sell-off could extend towards the ascending 100-DMA at the $2 threshold.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
