Decentraland is a VR-based blockchain network that allows users to create animated games, scenes, and artworks using the builder tools. It also enables developers to participate in various events and win blockbuster rewards. Users can also buy or sell digital goods on this ecosystem. MANA is the customized token of this network and its technical analysis is as follows: Past Performance On May 13, 2021, MANA started trading at $1.23. On May 19, 2021, MANA closed at $0.84. Thus, in the past week, the MANA price has decreased by roughly 32%. In the last 24 hours, MANA has traded between $0.75-$0.83. https://ift.tt/3hGejJM Day-Ahead and Tomorrow Currently, MANA is trading at $0.84. The price has increased from the day’s opening price of $0.77. Thus, the market seems to be bullish. The MACD and signal lines have turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further. Currently, the RSI indicator is at 53%. It faced rejection at 60% and fell to the current level. Thus, selling pressures are mounting. Thus, we can expect a price pullback amidst an overall bullish trend. The A/D indicator is upward sloping. Thus, whale accumulations are much higher than whale distributions. High buying activity will exert upward pressure on the MANA price. Thus, the A/D indicator is giving further credence to the bullish signals shown by the MACD oscillator. MANA Technical Analysis In short, the overall price trend is bullish, but intermittent price pullbacks cannot be ruled out. We also need to wait and watch if the price pullbacks are temporary or indications of a bullish trend reversal. Currently, the price is above the first Fibonacci pivot resistance level of $0.84. The price may soon break out of the subsequent resistance level of $0.88 as well. Thereafter, a price pullback might occur. The price has tested and broken out of the 23.6% FIB retracement level of $0.82. However, it may soon retest and fall below this level. By day end, if the price falls below the 76.4% FIB retracement level of $0.72, then probably a price downtrend has set in. In that case, the price downswing is likely to continue tomorrow as well.
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