Decentraland (MANA) managed to tally a 3.4% increase over the last 24 hours as the crypto space is looking at a possible bullish recovery.
In doing so, the crypto managed to trim its losses on its biweekly and monthly charts to 2.7% and 9.4%, respectively.
Decentraland rallies over the last 24 hours to trade at $0.633
MANA at the mercy of selling pressure that might soon put it to another downward trend
Decentraland might soon test the $0.544 and $0.584 range
This, however, might not be enough to revise the bearish thesis that threatens Decentraland should it fail to strongly and convincingly break free from its downtrend momentum that started since August of this year. In fact, MANA could be looking at a possible heavy pull downstream in the next coming week.
MANA’s overall valuation of $1.152 billion, which ranks it as the 51st largest cryptocurrency in terms of market capitalization, is in danger of declining sharply if the asset continues to spiral down.
At press time, tracking from Coingecko shows the altcoin is trading at $0.633 and is about to enter next month with a price level that is almost 90% lower than its $5.85 all-time high (ATH) that it attained, incidentally, on November 25, 2021.
Bearish Momentum Likely For Decentraland
Technical indicators and analysis points bring bad news for MANA which is experiencing difficulty to sustain the $0.75 marker.
The asset’s failure paved the way for more selling on the market and that’s one of the reasons why Decentraland is in danger of another major decline.
The asset’s daily chart showed it settled to 38.2% Fibonacci retracement level which might pull it back to $0.65, losing the gains it had over the last 24 hours.
Traders are also in a good position right now to orchestrate a price decline all the way to $0.584, with the possibility of a fall to an even lower trading price of $0.544. There is also strong selling pressure that will not help the asset’s hopes of turning the tables around for another price pump to happen.
Additionally, for almost two months now, MANA’s Relative Strength Index (RSI) stayed below the 50-neutral zone.
Positive Developments In The Metaverse
Meanwhile, dubbed as “the virtual destination for virtual assets,” Decentraland continues to look for different ways to improve its metaverse capabilities.
Through a summer training camp organized by Cominted Labs and Web3 developer Dogman, a team of eager 15-year old metaverse builders will try to gain more experience and refine their craft inside MANA protocol’s digital universe.
This team will be responsible for designing and coding unique experience for users and Decentraland expressed their happiness and excitement to help in the development of these young, enthusiastic and talented individuals.
MANA total market cap at $1.18 billion on the daily chart | Featured image from Coin Central, Chart: TradingView.com
Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.