Decentraland’s （MANA） price is rising as market optimism grows, targeting the key resistance level of $0.3713.
Points
- MANA price targets $0.3713 resistance level.
- Renewed investor interest and bullish sentiment.
- Technical indicators suggest continued upward movement.
Decentraland （MANA） is experiencing a surge in market optimism, pushing its price towards the critical resistance level of $0.3713. This bullish momentum follows a price rejection at $0.3099, marked by a hammer candlestick pattern.
Currently trading around $0.3472, up by 5.41%, MANA has attracted renewed interest from investors and traders. With a market capitalization of over $662 million and a trading volume exceeding $33 million, the token shows signs of continued growth.
Technical Analysis: Current Market Sentiment And Trends
On the 4-hour chart, MANA has demonstrated significant bullish momentum, breaching the $0.3483 level and approaching the key resistance at $0.3713. The price has also crossed above the 100-day Simple Moving Average （SMA）, indicating a potential bullish trend and increased market confidence.
The Relative Strength Index （RSI） on the 4-hour chart has crossed the 50% level, moving towards the overbought range of 70%, suggesting strengthening buying pressure.
On the daily chart, MANA, despite trading below the 100-day SMA, has shown a potential reversal
from a downtrend to an uptrend, indicated by the formation of a hammer candlestick pattern followed by a bullish engulfing candle.
Potential Scenarios For MANA
MANA is currently targeting the key resistance level of $0.3713. A successful breakout above this level could signal further gains, potentially pushing the asset to the next resistance level at $0.3927 and beyond. However, if MANA’s price faces rejection at $0.3713 and fails to break above, it may result in a retracement or consolidation. In such a case, breaking through the support level of $0.3103 could signal further downward movement, possibly targeting $0.2809 and other support ranges.