The recent movement in the MANA token price has resulted in a breach of the trendline support zone at $0.6000, indicating the presence of bearish pressure in the market. The price of MANA has dropped to the 100-day EMA mark, showing signs of selling pressure in recent sessions. The chart displays a descending triangle pattern, with the token experiencing lower low swings over the past few weeks. Following a market downturn, MANA has lost over 30% of its gains and has crossed below the critical support level of $0.6000. If the token fails to maintain its position near the 100-day EMA mark, we may see a further downward movement towards the $0.5000 mark.

Currently, the Decentraland token (MANA) is trading at $0.5876, reflecting a 3.37% gain for the day and a neutral stance on the charts. The token has experienced a monthly return ratio of -19.90% and a yearly return ratio of -10.90%. The market cap for MANA is $1.29 billion, with the MANA/BTC pair at 0.00000869 BTC. Analysts are predicting a volatile move for MANA in the near future and expect a retest of the 200 mark.

MANA Price-to-Volume Profile Reflects Selling Pressure

The chart above showcases the price-to-volume profile for the Decentraland token (MANA), indicating a retracement move. The token has formed a descending triangle pattern and breached the trendline support zone, sliding towards the make-or-break region near the $0.5700 neckline close to the 100-day EMA mark. The intraday trading volume has decreased by 17.78% to $56.43 million.

Price Volatility and Weighted Sentiment Analysis

Although price volatility remains neutral with values below the midline at 0.014, the weighted sentiment has been negative, hovering around -0.257. This signals low investor interest and a pessimistic outlook for the token.

Social Dominance and Social Volume (AI) Insights

The social dominance value has shown average movement, suggesting pump and dump activities with a decline of over 5% this week, settling at 0.063%. On the other hand, the social volume AI has decreased to 2, indicating a negative shift.

Development Activity and Open Interest Analysis

Development activity has decreased by over 35% this week, dropping to 163. Similarly, derivative data shows long unwinding and a 0.98% decrease in open interest to $36.56 million in the previous 24 hours.

According to Fib levels, MANA is trading near the 23.6% zone and has entered a bearish region. The RSI curve has dipped into oversold territory with a negative crossover, while the MACD indicator displays red bars on the histogram, signaling a bearish trend.

With a total supply of 2.19 billion MANA tokens, the volume-to-market cap ratio stands at 0.0436, indicating a market cap ranking of 92 in the global crypto market.

Summary

The break of trendline support and fall below the crucial $0.6000 mark have put the MANA token in a precarious position. The descending triangle pattern suggests further downside potential, approaching the neckline support at $0.5800.

Technical Levels

Support Levels: $0.5750 and $0.5500

Resistance Levels: $0.6000 and $0.6300

Disclaimer

The information provided in this article is for informational purposes only and does not constitute financial or investment advice.