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The Decentraland price soared more than 14% over the past 24 hours to trade at $0.4061 as of 9:25 am EST as investors stock up on the popular metaverse token.
This impressive 24-hour gain was enough to flip the altcoin’s weekly performance as well, and boosted it to +11% as a result.
Decentraland Price: Technical Overview
Daily chart for MANA/USDT (Source: TradingView)
A strong positive price channel has formed on MANA’s daily chart following a sequence of higher highs and higher lows over the past few weeks. Buyers had attempted to elevate the altcoin’s price to above the major resistance level at $0.4125 in the last 3 days and succeeded. This triumph was short-lived, however, as bears exerted some sell pressure on MANA’s price, causing it to close the daily candle back below this barrier.
Following this rejection, MANA’s price now seems to be at risk of pulling back in the coming few days. Should this bearish thesis be validated, the cryptocurrency’s value could drop to as low as the immediate support level at $0.3665 in the short term.
Continued sell pressure at this point may then lead to the altcoin’s price breaking below this significant price point as well, which will also lead to MANA breaking below the aforementioned price channel that was present on its chart. Traders may react negatively to MANA’s potential fall out of the channel, which could put its price at risk of tumbling to the subsequent support level at $0.3285 within the following fortnight.
Decentraland Price – The Bull Case
This bearish thesis could be invalidated if MANA’s price closes a daily candle above $0.4125 through the course of the next 3 days. If the altcoin is able to establish a position above this threshold, then it may continue to rise in the couple of days thereafter. In this bullish case, MANA may also attempt to overcome the upper level of the positive price channel, which could lead to it climbing to $0.4510. Given the recent surge in MANA’s price, there is a high possibility that traders may begin taking profit, which will result in the altcoin undergoing a temporary correction before entering into another potential leg up.
Technical indicators on MANA’s daily chart are currently contradicting each other. On one hand, the daily Moving Average Convergence Divergence (MACD) indicator suggested that MANA’s bullish trend may continue in the next few days. More specifically, the MACD line was breaking away above the MACD Signal line, and the gradient of the MACD Histogram was positive, both of which supported a bullish thesis.
In contrast to the bullishness expressed by the daily MACD indicator, the Relative Strength Index (RSI) indicator on MANA’s daily chart showed that bulls lost some of their strength during the past 24 hours. This was evident in the fact that the RSI line was negatively sloped towards oversold territory. Although MANA’s downside potential is currently slightly greater than its upside potential, there is still room for MANA’s price to rise before it enters into overbought territory.
While traders are left wondering in which direction MANA’s price will move in the next couple of days, Meme Kombat is rapidly establishing itself as the next best thing to enter the popular meme coin market.
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— Meme Kombat (@Meme_Kombat) November 1, 2023
Meme Kombat will be running a competition up until its presale reaches the $1.5 million fundraising milestone, which has a 5,000 USDT prize up for grabs.
Anyone that purchases $100 worth of MK from Nov. 2 at 12:01 UTC until the presale reaches $1.5 million will be entered in this competition. Meme Kombat also shared that multiple entries are allowed.
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