- MANA printed bullishness on the 4hr chart.
- Overpowering a crucial obstacle may see the altcoin soaring to $0.3141.
- A break under the $0.3019 demand region will cancel the forecast.
Decentraland (MANA) price has recorded pullbacks since December 2021. As a result, the bulls attempted rallies after securing the $0.3019 stable support floor. Nonetheless, they encountered a significant hurdle at $0.3101.
Overcoming the hurdle can welcome a hassle-free run toward the supply region at $0.3150. Meanwhile, do the bulls exhibit what it takes to attain such a move?
Can Bulls Smash $0.3101 Hurdle?
MANA registered a new high low during this writing, highlighting bullish momentum. The RSI (Relative Strength Index) surged from the oversold region gently and not swiftly. That confirmed a steady buying pressure increase, countering seller influence.
Continued momentum would see MANA retesting or breaking beyond the $0.3101 resistance. If bulls overcome this hurdle, they may eye the 26-period MA at $0.3141. Further, the DMI’s (Directional Movement Index) red line remained on top with a moderate slope. That shows sellers dominated the space, though buyers were gaining ground gradually.
Maintaining this trend would see bulls pushing toward the highlighted obstacle. Nevertheless, bears had leverage. Intensified seller action might move Decentraland toward the demand region at around $0.3019, canceling the discussed bullish bias.
MANA’s Improved Sentiment and Low Demand Within Derivatives Market
Santiment revealed that MANA recorded a surge in weighted sentiment, with the metric climbing toward the neutral region. That highlighted the asset’s improved metrics. Nonetheless, MANA saw little demand within the derivatives market, with MANA/USDT’s Funding Rate slumping on Binance.
However, the count of active wallets trading the alternative token surged steadily amid the surged prices. That boosted the buying momentum and trading volume. Therefore, it might sustain a continued upside if the bullish momentum persists.
Meanwhile, MANA fans should evaluate the broad market cues for informed decisions. Bearish movements by Bitcoin might drag the altcoin lower and prevent further upsides. Bulls controlled the crypto space during this writing, with BTC hovering beneath the crucial $17K mark. The bellwether crypto changed hands at $16,798 during this writing, following a 0.36% 24hr loss.