Decentraland’s MANA token has been on a steady uptrend in recent days, as the blockchain-based virtual reality platform adds new features and benefits for its users. MANA prices have risen to around $0.7 and are projected to break the psychological resistance of $1 in the short-term. The token price is up 1.14% in the past 24 hours, and the weekly candle closed at 83%.
Decentraland (MANA) Price Analysis Technical Overview
Decentraland’s MANA is currently in a strong uptrend, with MANA prices trading above the 20–, 50- and 100-day EMAs. This suggests that the token’s short- and long term trend is bullish, as long as market conditions remain favorable. However, investors should be careful as recent market rallies slow down.
The MACD indicator is a sign that the token has a bullish trend, as the MACD line is located above the signal line and its histogram displays a positive value. This indicates that the current prices are higher than their respective moving averages.
Although the RSI reading of 88.61 suggests the token is overbought currently, traders should wait for volume confirmation before investing. With a volume of $78.526 million and a move average volume of 39.505 million, MANA has seen an increase in trading volume.
Immediate support for the token is $0.5838 to $0.6015. Immediate resistance is the 200-day EMA $0.7082 and $0.7507 @ $0.7887. The psychological resistance of $1 is next, followed by previous resistance ranges of $1.064-1.1391.
To sum up, Decentraland’s MANA has a bullish trend, however the current trading price may be close to resistance. The token is currently showing an overbought RSI, which could lead to a correction period in the future. This should be taken into consideration by traders when they make decisions and manage risk levels. If the MANA price is able to break the current resistance points then $1 is very likely in the short-term.
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