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Decentraland (MANA) price treading water on Friday. The buyers seek an upside of 38% as the price is trading above the 200-DMA for the past seven days. At the time of writing MANA/USD is trading at $2.27, up 0.05%. The risk-aversion among investors took a toll on the riskier assets.
- Decentraland price trades in the familiar range on Friday.
- MANA manages to hold near the lower levels, expects a rebound.
- Bulls remain hopeful above the 200-DMA.
MANA looks for weekly highs
On the daily chart, the formation of ‘hammer’ candlestick just above the 200-DMA puts the bulls on the front foot. The consecutive ‘Doji’ candlesticks indicate that sellers are losing their holds on the price action.
Source: Trading view
The descending trend line from the highs of $5.91 on November 25 acts as a strong resistance barrier for the bulls. Moving further, the price dropped below the 50-DMA at $3.68 on December 28. MANA records a fall of 54% and the sellers took a breather at the 200-DMA on January 21.
The momentum oscillator, the daily relative strength index (RSI) reads at 36 while on the edge of a bullish crossover. If that happens the interim target is placed at the bearish slopping line at $2.72.
A decisive close above the mentioned level could next meet the upside level at the horizontal resistance level at $3.00
On the flip side, if the price drops below the 200 DMA then MANA could dive up to the lows of $1.284 made on October 30.
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The post Decentraland (MANA) Price Bulls Keep An Eye On $2.70 appeared first on CoinGape.
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