Decentraland (MANA) The price is still trying to rally to the upside after surging for the fourth consecutive day. This morning, the bulls tried to break the 55-day Simple Moving Average (SMA) at $2.70 but got a definitive rejection and failed. While seeing a drop after this rejection is actually considered normal, assuming the bulls are able to take gains, we can assume that the rally is still considered alive and as the tail winds continue as the Nasdaq manages the blame, more bulls will want to join in on the price action.
Nasdaq and Decentraland Price Breaks Records in March!
Decentraland priceis on the cusp of turning a four-day consecutive rally into an uptrend as the bulls advance again. Unfortunately, the current top was rejected and stalled at $2.70 against the 55-day SMA. With the Relative Strength Index still well below the ‘overbought’ level, the bulls seem to have plenty of fuel in their tank to pierce the 55-day SMA and a move towards $2.90 or $3 could be made over the weekend.
Meanwhile, MANA price is also seeing support formation from below, adding to tailwinds as the upside momentum builds up. Turning this rally into an uptrend will depend on the Nasdaq as the correlation between cryptocurrencies and the Nasdaq has been on the rise again over the past few days.
As investors regain their confidence in global equities, MANA price It will likely enter a similar pattern as well, and so when the Nasdaq leads, MANA price will likely see the next headwind come from the correlation with the Nasdaq, providing a second impetus for price action and an opportunity to push price up to $3.
After the MANA price is rejected by the 55-day SMA, the risk is taken as the price declines to $2.46 with the 200-day SMA as support, or $2.40, which is on the green ascending trendline. If the bearish pressure gains more weight on this green ascending trendline, the risk-on-hand could result in a bears pullback to $2.22 from March low.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.