By Shelly Melancon (Switzerland)
- Decentraland price outlook reveals a 9% decline within the last 24 hours.
- MANA plunged to $1.05 after promising a move to $1.71 on 15 May.
- Bearish indicators set support at $1.
Decentraland (MANA) turned substantial bearish again as bears stepped up overnight to trigger a 9% loss. The altcoin dipped to a $1.05 low, exploring levels never witnessed since 9 May 2022. Moreover, the slump emerged after the token escaped the market crash to hit the $1.35 high. The move had fans expecting an upside extension to $1.71.
MANA could not fulfill this promise as bears took over the marketplace to drag price lows as trading volume noted a 3% uptick. Also, the token’s market capitalization lost 8% over the past day. For now, Decentraland’s price has a support barrier near $1.
The overall crypto market remained bearish as large-cap assets, including Bitcoin, saw minor cuts since yesterday. BTC lost 2% to $29K, whereas Ethereum’s 3% decline had Ether beneath $2K. That meant plummets in the altcoin market. For instance, Cardano saw a heavy plunge, losing 6% to $0.52. Dogecoin and XRP shed 3% each to $0.08 and $0.41. Also, Solana hit $51.27, following a 6% drop.
Also read:24Hr Chart – MANA Drops Beneath 50-day Exponential Moving Average
MANA’s 24hr candle chart presented trend shifts over the previous day amid bearish actions. The price chart shows a developing Evening Star formation. Moreover, the altcoin dipped beneath the critical 50-dayEMA and appeared ready for more declines. Decentraland bulls can control the token beyond the $1.05 support. Meanwhile, breaching $1 to the downside would mean a challenging recovery for MANA.
The daily Relative Strength Index also displays market valuation change for MANA. The indicator stood at 38.63, heading into the oversold territory. Remember, the RSI climbed to 44.55 on 14 May 2022, when the token maintained upticks following market-wide declines.
Nevertheless, the decreasing prices witnessed the trading volume surging, indicating dominant activity by sellers. On the other hand, the MACD curve forms lower highs and might try a bearish divergence with the MANA price before moving beneath the neutral area within the upcoming 24 hours.
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