The price of Decentraland may be preparing for a countertrend rally with the September highs as its goal. The Ethereum-based gaming coin saw a 23% increase last month, reaching a last-minute October high of $0.73. Despite the market’s current sell-off caused by profit-taking actions, there is some indirect signs that another wave up may come. The 2020 triangle apex would be of particular importance, between $0.78 and $0.80.
Today’s Decentraland Price
| DATE | Decentraland | USD |
|---|---|---|
| Today | 01 |
$0.6215891 USD
|
The current MANA price auction is $0.65. Following October’s last-minute spike, profit-taking consolidation has caused a 10% market value decline. The sell-off is expected to eventually reverse, according to the volume profile indicator, as the bears have not yet generated a candlestick with a volume as high as the strongest bullish candles.
The support level is currently being challenged against the 8-day exponential moving average. If the bulls are unable to maintain their position, the 21-day simple moving average will be tested near $0.63, resulting in a further 5% fall.
Still, as long as the lows at $0.58 are not broken, the health of the uptrend will be unharmed. Traders should prepare for a further slide toward the 2020 liquidity levels of $0.50 if the bears manage to peg the lows. The market value would decrease by 23% as a result of such a change.
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