• Decentraland price action has experienced a significant rally, moving nearly 70% from the January 22 low.
  • MANA is coming off a consecutive eight-day winning streak.
  • Bearish divergence may want a pullback from the recent rally.

Decentraland price action continues to be very bullish in the near term, with bulls completing a spectacular rally off the 50% Fibonacci retracement at $2.00. Bulls continued this momentum, pushing past $2.25 and $2.50, but halted shy of the $3.00 value area.

Decentraland price facing a retest of $2.50

Decentraland price action faces some selling pressure after failing to hold a close above the 38.2% Fibonacci retracement at $2.54. The following primary support zone for Decentraland is now the confluence zone of the Tenkan-Sen and Kijun-Sen at $2.50.

The drop over the past three trading days is likely due to the hidden bearish divergence between the candlestick chart and the Composite Index. This type of divergence occurs when the price chart prints lower highs/closes and the oscillator prints higher highs. It is a bearish continuation warning that is only valid if the prior trend was a downtrend – which Decentraland price was in.

MANA/USDT Daily Ichimoku Kinko Hyo Chart

Failure to hold $2.50 would likely mean a strong drive to retest the 50% Fibonacci retracement at the $2.00 value area. This could generate further weakness that would threaten to drop MANA lower, possibly below the 2022 low.

If the $2.50 level holds as support, then there is a high probability of Decentraland price moving up to test the bottom of the Ichimoku Cloud (Senkou Span A) at $3.20


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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

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.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

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.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

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.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

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.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP