For those of you who have been Decentraland (MANA) enthusiasts, the situation may not be as favorable as you would have hoped it to be. It’s been a while since Decentraland has seen good days because it has been a struggle for the bulls to keep its value to a reasonable price.
Despite all the sentiments building and struggles, it is the sellers who seem to be steering the market and demand for Decentraland. They have been running the show with their high selling activity and still, the situation seems to be the same.
Let us have a deep dive into the current situation of Decentraland alongside the factors, which would confirm where Decentraland would actually land in the upcoming days.
Current Situation of Decentraland
The investors may currently see the trading value of the MANA/USDT pair at $2.42 per MANA. However, the value of Decentraland was higher in the beginning of March. The data shows at the start of the ongoing month, the value of Decentraland was at $2.73 per MANA.
Unfortunately, it is the sellers who have control over the major percentage of Decentraland and they have been driving its value deeper.
What Does the Technical Analysis Say?
The technical analysis for Decentraland shows that the majority of the investors have no interest in buying it. They would rather sell Decentraland on a large scale or sit still and do nothing about the situation.
The summary scale for Decentraland is currently showing the “sell:neutral:buy” ratio as 13:10:3. This would mean that even if the bulls are able to muster a lot of buying force, they still may not be able to make Decentraland bullish.
The moving averages scale is also pointing towards a bearish run, but it is suggesting “strong sell” sentiments for the investors. The relative strength index for Decentraland is at 42.56, while the oscillators are at 41.7368, another strong indication towards the bearish run.
Decentraland has High Chances of Plummeting to $1.57
As the technical indicators suggest, the bears have high selling sentiments than the buying sentiments of the bulls. Therefore, they may start pushing harder from their end in order to execute a stronger negative push.
It is only a matter of time the bears intensify their selling power, which would cause the price of Decentraland to move into the support channel. This means that Decentraland may start hitting the most critical and highly protected benchmarks, where the bulls may try, and counter with a tremendous amount of force.
If the bulls are not able to prevail, then the strong selling ability of the bears may push Decentraland down to $2.17 per MANA. As the situation turns more bearish, the selling pressure may elevate, pushing Decentraland further down to $1.85. Going forward, the price of Decentraland may plummet to $1.57.