![Decentraland [MANA] falls to half-dollar value- Can bulls prevail?](https://ambcrypto.com/wp-content/uploads/2023/03/julien-tromeur-EOSHmMbjT8g-unsplash-scaled-e1678534344224.jpg)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The daily chart was strongly bearish.
- The lower timeframe charts were bearish too.
Decentraland [MANA] broke below its consolidation range of $0.8254 – $0.6314 in early March, attracting aggressive selling afterward. At press time, the virtual reality blockchain platform’s token struggled to maintain its half-dollar value.
Read Decentraland [MANA] Price Prediction 2023-24
Similarly, Bitcoin [BTC] struggled to maintain the $20K value as overall market uncertainty persisted and could expose MANA to price fluctuations too.
A consolidation, sustained dump, or recovery for MANA
Source: MANA/USDT on TradingView
MANA curved a bullish flag pattern, but a potential bullish rally was undermined by increasing market uncertainty. Bulls lost crucial leverage after bears breached the $0.6314 support on March 3.
The aggressive selling afterward has further sunk MANA below another key support at $0.5326. At the time of writing, MANA oscillated between the 100-day MA (Moving Average) of $0.5422 and $0.4986.
If BTC fluctuations persist, MANA could enter a sideways market structure. As such, investors could target the upper and lower boundaries of the $0.5422 – $0.4986 range for gains.
However, a breach of the range will invalidate the above sideway structure. Notably, a bearish breakout could settle at $0.4600 or $0.4200.
On the other hand, a bullish breakout and a daily candlestick close above $0.5326 could inflict recovery with an immediate target at $0.6314.
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The RSI has declined significantly, while the OBV (On Balance Volume) also dipped, showing limited buying pressure and trading volumes.
Mean Coin Age and weekly active addresses increased
Source: Santiment
According to Santiment, the 90-day Mean Coin Age rose steadily, suggesting a possible bullish rally. Similarly, an uptick in weekly active addresses in the past few days could boost the trading volumes needed to inflict a recovery.
However, the weighted sentiment remained in the negative territory, showing that investors’ confidence in the asset declined. In addition, the uncertainty around BTC could delay a strong recovery. Therefore, BTC and investors should track the king coin’s price action before making moves.
