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- MANA price has rebounded, reaching a 7-day high at $0.5273.
- The bullish momentum is also strengthening in the MANA market.
- Several positive indicators are suggesting a potential for further price gains in MANA.
Bears started the day strong in the Decentraland (MANA) market, but buyers stepped in at the day’s low of $0.4692. Consequently, bulls neutralized the negative trend, bringing the MANA price from its lows to a new 7-day high of $0.5273. MANA was valued at an 8.52% increase to $0.5154 at press time, showing the bull’s rebound.
At the prospect of a protracted bull surge, traders jumped on board, sending MANA’s market capitalization and 24-hour trading volume rising by 8.51% and 202.47%, respectively, to $968,907,727 and $139,118,042.
MANA/USD 24-hour price chart (Source: CoinMarketCap)
On the MANA 4-hour price chart, the Aroon up reading of 85.71% and the Aroon down reading of 42.86% indicate that bullish momentum is now high. This move gives traders optimism for additional price gains soon, breaking the 24-hour high.
If the Aroon down reading exceeds the Aroon up reading, it may indicate a change in market sentiment towards bearishness. This development would be concerning for traders who presently have long market positions.
The bulls are in charge of the MANA market, with an Elder Force Index (EFI) rating of 4.782K. The strong EFI trend suggests a significant amount of purchasing pressure in the market, which might drive prices higher.
MANA/USD chart (Source: TradingView)
The bullish momentum in the MANA market is supported by the Moving Average Convergence Divergence (MACD) movement being in the positive zone. With a reading of 0.01231226, this movement indicates that buyers are still in charge of the market and are likely to drive higher prices.
Adding to the positive outlook, the histogram forms green bars, suggesting that purchasing pressure is building, which might lead to more price increases.
The Bull Bear Power rating of 0.05981143 represents the market’s current bullishness. This level indicates that the bulls are in command and have the potential to drive prices farther higher if they do not retreat.
MANA/USD chart (Source: TradingView)
In conclusion, MANA bulls have taken control, increasing prices and instilling optimism for further gains in the Decentraland market.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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