Selling Pressure Rises in the MANA Market as Bears Seize Power

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• MANA’s price has dropped 7.85% in the last 24 hours to $0.4741.
• Technical indicators hint that MANA’s downward price trend may continue.
• Society wonders if the bulls can intervene and halt the bearish trend.

In line with the current market trend for digital currencies, Decentraland (MANA) prices have tumbled by more than 7.85 % in the preceding 24 hours, finding support at $0.4684.

During the slump, MANA prices fell to their present level of $0.4741.

MANA market capitalization dipped 8.67% to $879,889,553, as did 24-hour trading volume, which fell 31.34% to $103,749,336.

MANA/USD 1-day price chart (Source :CoinMarkeCap)

With a reading of 0.5503 and trending south, a sell signal is seen since the SuperTrend is plotted above the trading price and the color on the 4-hour price chart has altered from green to red.

The MACD blue line, on the contrary end, has executed a positive crossover, moving above the signal line while being in the negative domain with a reading of -0.0315. The histogram movement in the positive region with a reading of 0.0022 is reinforcing this bullish run.

MANA/USD 4-hour price chart (Source: CoinMarketCap)

On the 4-hour price chart, the Bollinger Bands are constricting as the upper band reaches 0.5449 and the lower band reaches 0.4558. The price movement toward the lower band signifies that the MANA market will remain under the bearish influence.

If the bulls do not reverse this trend, the RSI score of 32.78 going south forecasts that the current trend in MANA prices will likely continue as it approaches the oversold region.

MANA/USD 4-hour price chart (Source: CoinMarketCap)

Bulls must enhance inflationary pressures to nullify the recent downward trend in the DOGE market.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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