Decentraland Price Prediction:

By press time, MANA had established a new higher low, demonstrating bullish momentum. Particularly, the Relative Strength Index (RSI) ascended steadily rather than abruptly from the oversold region. This demonstrated that the power of sellers was being tempered by steadily rising buying pressure.

If the momentum holds, MANA may attempt to test or surpass the barrier at $0.3101. If the bulls overcome the barrier, they can concentrate on the target price of $0.3141 for the 26-period Moving Average.

Additionally, the red line (selling) of the Directional Movement Index (DMI) was on top but had a slight incline. It demonstrates that although buyers were gradually gaining ground, sellers still retained market power. In the event that the trend holds, bulls might approach the barrier.

Bears nevertheless maintained some leverage. The aforesaid optimistic bias could be invalidated if bears make a strong move, pushing MANA to the demand zone near $0.3019.

The weighted sentiment metric for MANA, according to Santiment, increased toward the neutral level, indicating an improvement in investor sentiment about the asset.

However, due to the decline in the Binance Funding Rate for the MANA/USDT pair, there was limited demand for MANA in the derivatives market.

Despite this, as the prices rose, there were increasingly more active addresses dealing MANA. If the rise kept up its strength, this would have increased trade volume and buying pressure.

However, a negative BTC could drag MANA down and stymie future advance. Investors should therefore keep an eye on BTC’s performance as well.

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