- Decentraland (MANA) prices have been rising in recent hours.
- Despite technical indicators pointing to a bear run, bulls maintain control.
- Bulls must fight to reverse these bearish indicators.
Since finding support at its intraday low of $0.385, Decentraland (MANA) has experienced bullish momentum. During the upturn, the bulls were able to consistently pull prices up to a value of $0.3905, a 1.18% gain as of press time. During this uptrend, the market capitalization increased by 0.13% to $722,400,415, while the 24-hour trading volume decreased by 12.36% to $66,038,348.
MANA/USD 24-hour price chart (source: CoinMarketCap)
Bollinger bands are bulging on the 30-minute price chart, with the upper band touching 0.4055 and the lower band touching 0.3858. In line with BB’s strategy, the market is likely to experience more selling pressure; however, this bulging may also signal a breakout. This bull trend is expected to end soon based on the price movement toward the lower band.
Stochastic RSI movement in the oversold region with a reading of 20.14 supports this notion of bear control, but its upward pointing asserts that the market may see a possible bounceback as this reading predicts the end of the current trend.
The MACD crossing below the signal line and into the negative region with a reading of -0.0018 supports the current trend. The histogram trend, which has a reading of -0.0012, also contributes to this tendency.
MANA/USD 30-min price chart (source: CoinMarketCap)
Readings below the “0” line on the Elder Force Index (EFI) and the Bull Bear Power (BBP) both suggest that bear control is about to take place. With readings of -447 and -0.0065, respectively, both indicators point upward, indicating that the bulls’ momentum to reverse the predicted trend is increasing.
MANA/USD 30-min price chart (source: CoinMarketCap)
To avoid being overpowered, bulls in Decentraland need to battle on and raise prices higher.
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