Metaverse Altcoin is at a Critical Point! Losses May Increase!
Bitcoin has rebounded above the $29,000 level but important support levels are being lost in altcoins. A similar situation exists for a popular metaverse altcoin, as investors are likely to reduce their losses by watching critical levels. So which is this altcoin and what does the current outlook point to?
After Decentraland (MANA) dropped from the $1.9 level, sellers emerged strongly. A series of lower highs marked a long-term trendline resistance (white, dashed). This line reaffirmed MANA’s long-term trend in favor of sellers. With the emergence of a descending triangle on the 4-hour timeframe, any close below the $1.03 support could push the popular metaverse altcoin further down.
MANA has recently slackened to $1,019 and is trading at that level at the time of writing.
Decentraland (MANA) Reviews
After falling from the $2 zone, selling pressure started to build up around $1.9 levels. As a result, sellers quickly started a downhill rally towards the $0.6-0.7 range. Altcoin hit a seven-month low on May 12. The bulls led a strong buying rally, while the one-month trendline resistance averted the bullish pressure. This descent saw an expected plateau phase near Control Point (POC, red). Now, with a series of lows reaching the $1.03 support, sellers are once again adding to the pressure.
If the bulls hold the $1.02 level, they could enter an ongoing tight battle near the MANA POC. However, future closes below the $1.02 level could lead to a steep drop to $0.8. The Relative Strength Index failed to stay above the midline as it tested the 36-point support. Failure of buyers to maintain this level may give the bears more advantage in short-term price movements.
Decentraland (MANA) , whose 30-day correlation with Bitcoin exceeds 90% , may begin the expected pullback as BTC falls below $29,000 again in the coming hours.