The Decentraland technical analysis shows how MANA prices fail to exceed the supply zone at the psychological mark of $1, leading to a retest of the broken trendline. Key Technical Points: The MANA prices dropped by 5.52% in the last 24 hours. The falling trend retests the broken resistance trendline in the daily chart. The 24-hour trading volume of Decentraland is $228 million, indicating a drop of 8.03%. Past Performance of MANA As predicted in our previous article, the MANA prices break the resistance trendline to reach the psychological mark of $1. However, the breakout rally failed to exceed the $1 threshold leading to a correction phase, retesting the broken trendline. The price action forms an evening star pattern and echoes a double top reversal from $1 to break the 50-day SMA. Source – Tradingview MANA Technical Analysis The declining trend in the trading volume during the downtrend showcases a lack of a bearish commitment and teases a post-retest reversal. However, the reversal rally will have to face the sellers at $1 again. As the market value of Decentraland’s native token struggles to retain the 50-day average price, the lower price rejection brings hope for buyers. Hence, if the prices surpass the 50-day, SMA traders can expect a bull run reclaiming the $1 value. The sideways trend in the daily-RSI slope close to the halfway line restarts after the rejection in the nearly overbought zone. Moreover, the slope bre...
