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More Short-Term Price Pain Ahead in March for Decentraland (MANA)

2 mins
Updated by Geraint Price
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In Brief

  • Decentraland (MANA) is trading above support at $0.625.
  • It follows a descending resistance line.
  • Decentraland (MANA) could be in the C wave of a correction.
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The Decentraland (MANA) price could complete the final leg of its correction before resuming its previous increase.

The Decentraland price has fallen below a descending resistance line since reaching a yearly high of $0.842 on Feb. 2. During the descent, the price has traded above the long-term $0.625 horizontal support area. These two structures combine to create a descending triangle, which is considered a bearish pattern. Therefore, the price is expected to break down from it.

If the price breaks down, the closest support level would be at $0.500. This is the upward movement’s 0.618 Fib retracement support level (white).

On the other hand, a breakout from the descending resistance line could lead to an increase toward $0.80.

Due to the presence of a bearish pattern and the fact that the daily RSI is below 50 (red icon), a breakdown is the most likely scenario.

Decentraland (MANA) Resistance Line
MANA/USDT Daily Chart. Source: TradingView

Decentraland (MANA) Price Prediction for March: More Pain Before Reversal

The technical analysis from the short-term six-hour chart shows that the MANA token price completed a five-wave upward movement and could now be in the C wave of an A-B-C corrective structure (black).

If so, the digital asset’s price will soon break down from the $0.625 horizontal support area and complete its correction. If so, the support line of a descending parallel channel would coincide with the $0.500 support area. Since channels usually contain corrections, this outline would perfectly fit with the possibility of a correction.

However, as outlined previously, a breakout from the descending resistance line would invalidate this short-term bearish Decentraland price prediction for March and could lead to a drop toward $0.80.

Decentraland (MANA) Price Channel
MANA/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely Decentraland price prediction for March is a drop to the $0.500 support area before the upward movement eventually continues.

For BeInCrypto’s latest crypto market analysis, click here.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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