https://ift.tt/3t6BEtG price analysis: MANA declines towards $2 after initial 18 percent spike

TL;DR Breakdown

• Decentraland price continued from yesterday’s dip that started at the $3.40 mark
• MANA primed for downslide towards $2 with price falling another 3 percent over 24 hours
• Profit taking peaked after price went up 18 percent up to $3.44 on Wednesday

Decentraland price analysis for the day shows that the token is set for another dip towards $2, after Wednesday’s 18 percent spike triggered sell offs and profit-taking. MANA dropped as low as $2.86 over the last 24 hours with further downfall expected to the 50 percent Fibonacci retracement at $2. Trading volume also dipped 54 percent with price lowering past crucial 25 and 50-day exponential moving averages (EMAs).

The larger cryptocurrency market continued its bearish downtrend, as Bitcoin dropped down to $41,500. Ethereum also dipped 4 percent to the $3,000 mark with Altcoins suffering in tandem. Cardano and Polkadot went down 3 percent to sit at $1.18 and $24, respectively. Dogecoin dipped almost 4 percent down to $0.139 as Ripple and Litecoin also declined. The only positive movement shown in among major Altcoins was recorded by Solana, increasing 2.5 percent.

MANA/USD 24-hour chart: January 7 Evening Star pattern puts price in downfall

On the 24-hour chart for Decentraland price analysis, an Evening Star pattern can be seen forming on January 7 that shifted the price trend. MANA had spiked up to $3.44 on the day before, as sell offs and profit taking trade picked up to bring price down. After a near-5 percent dip over 24 hours, Decentraland price crossed below the crucial 25 and 50-day EMAs and SMAs. The Relative Strength Index (RSI) sits at 42.07, indicating low market valuation. The Moving Average Convergence Divergence (MACD) curve also shows bearish highs, primed to move below its neutral zone.

MANA/USD 4-hour chart: Support expected to set up fightback at $2.8

The 4-hour candlestick chart for the MANA/USD trade pair shows price set to put up a fightback around the $2.8 mark, with $2 still remaining as a distinct possibility. The 4-hour RSI indicates a bearish market value at 43.10, with price currently sitting well into the lower half of the Bollinger bands’ curve. These technical indicators point majorly for further movement down towards $2. Over the next short-term trade, price is expected to hover between $2.8 and $3, where potential for a further rise exists if any consolidation forms at current point. The major market action at this stage is neutral, with the next 4-hour trades determining buy or sell signals.

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