Decentraland continues downtrend as MANA faces a 30% drop

  • Decentraland price continues its slide south.
  • Final support structure to dictate the trend for the remainder of 2021.
  • Severe fall is likely if key support zones fail to hold.

Decentraland price has struggled over the past two weeks to generate any momentum above the daily Tenkan-Sen. Little response by buyers has allowed the bears to continue with persistent selling pressure.

Decentraland price tests final support range between $2.75 and $3.25

Decentraland price action, like many cryptocurrencies, is up against one of its last support structures before facing a steep drop. The red shaded zone on the chart below represents the final support level before a massive capitulation move would occur.

$2.80 is the critical level to watch for this week. MANA looks poised to push down to $2.80 to test buyers and hodlers resolve. Traders should expect strong support as it is a high volume node, Senkou Span B, and the 38.2% Fibonacci retracement share that value area. However, failure to hold that zone could spell disaster.

MANA/USDT Daily Ichimoku Chart

A daily close at or below $2.80 would trigger two significantly bearish events. The first would be a break below the final high volume node between $2.80 and $1.00. The second bearish event is Decentraland price fulfilling all the requirements for an Ideal Bearish Ichimoku Breakout – a signal that sustained pressure south is likely to remain.

In order to invalidate any near-term bearish outlook, Decentraland price needs a significant rally. MANA would need to first close above the Tenkan-Sen at $3.70, but ultimately it needs to close above the daily Kijun-Sen at $4.55.

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