MANA Technical Analysis – August 2021
Decentraland (MANA) has been bullish over the last few weeks, and its price has increased by 160%, up to $0.99. While it still has a long way to reach its all-time high that was achieved in April of this year, MANA is on the path of increasing in the following days and weeks.
Looking at the intraday movement of MANA’s price, we can notice quite some volatility as well as uncertainty since it has recently broken both resistance and support levels. Even though this might seem like consolidation, MANA can still keep this uptrend going.
Key Structures for Decentraland
- $0.82, $0.74, $0.69.
- $1, $1.04, $1.10.
The 20-day moving average has recently acted as support at $0.82, and since candlesticks are above the moving average despite the correction, MANA might continue this uptrend in the coming days.
The same can be said about the 50-day moving average. It has the same moving direction as the channel built from this uptrend and is quite below the candlesticks, indicating continuation.
Relative Strength Index
Despite being in an uptrend and recently had another increase, the daily RSI remains below 70, precisely at 59. This indicates that MANA has still some room to grow in the coming days.
Furthermore, the 4-hour chart RSI is even lower, so MANA might still increase in the upcoming hours.
When looking at the MACD indicator, the MACD line and the signal line are above the baseline and almost coincide. Perhaps this might be an indication that the momentum is changing. However, the MACD line has just recently gotten above the signal line so it might mean that the buying pressure is increasing.
After drawing the Fibonacci retracement from the start of this recent uptrend to the previous high, we notice that the 38.2% level of support was broken. The 61.8% level was momentarily surpassed but then served as support later on.
Head And Shoulders
The daily chart suggests that a head and shoulders pattern could form in the coming days. With the left shoulder and the head already forming, the right shoulder could be formed after a recent dip in the price of MANA. If a right shoulder is formed, then the neckline could be a good structure of support.
In a 4-hour chart, we can also see a possible double-top being formed. The resistance level formed from a previous high was broken with the wick, but the body of the recent candlesticks was not closed above the area of resistance. Levels of support can be the key determinants on whether this can be a trend reversal or simply a pullback.
We can also see the Elliot waves forming from the recent price pattern. The first impulsive wave is followed by a correction, then the third wave being the biggest of the lot, followed by a smaller correction. The last wave could be over, and now we can await possible corrective A, B, and C waves if the channel of the uptrend does not act as support.
Price Prediction Decentraland – August 2021
Judging by the price pattern of MANA, its price is likely to go further down at first, but then it may keep increasing to at least $1 if it finds support at $0.82; If not, then a downtrend can begin for MANA. If indicators would suggest a bearish short-term future, then MANA could have had a reversal. However, indicators suggest that MANA still has more room to grow in the coming days.
Latest News for Decentraland – Affecting Price
While there has not been any major news for Decentraland, an event worth mentioning is the 52nd anniversary of the Apollo-11 Moon landing. This is relevant to Decentraland because the Moon landing was recreated in 3D virtual reality within the Decentraland blockchain. Such events can grow the community of Decentraland and increase the demand for MANA.
If you want to learn more about the fundamentals of Decentraland (MANA), then check out this article: