MANA Bear has still not completed the attack, the next target is $ 2.5

The Decentraland price is under heavy selling pressure as the crypto market stalled due to uncertainty. Sellers are trying to push the price of MANA near a twenty-day low. The weekly chart shows that a bearish move is almost inevitable.

MANA continues to adapt

In Saturday’s flash crash, MANA rose 65% from its low and then hit the close of the day above the opening price – an achievement that almost no other cryptocurrency could match. However, this bullish reaction could not be implemented.

A natural correction has not yet occurred at MANA. The price moves in this correction zone, but does not reach any meaningful closing prices. This value zone lies between the 50% fib retracement level at USD 2 and the 38.2% fib retracement level at USD 2.48. Until a daily or weekly close occurs close to USD 2.50, MANA remains overbought.

The weekly Relative Strength Index (RSI) clearly shows that the MANA is overdone. The RSI recently broke out of the overbought zone and moved below the 80 level last week. It hasn’t tested the oversold 50 or 40 levels since the surge began the week of October 29th.

Ideally, the price would have a weekly closing price close to $ 2. That certainly positions the composite index at or below the September 24th low, creating a terrible hidden bullish divergence. Alternatively, the RSI is just above the 50 mark.

MANA / USDT – Ichimoku Weekly Chart

One of two moves has to happen to break the trend and the bearish short-term outlook. It is unlikely that MANA will reach a new ATH. Instead, the most likely scenario is a return to equilibrium over time, with Tenkan-sen and Kijun-sen prices trading sideways, fluctuating in the $ 3.25 to $ 3.5 range in a matter of weeks.

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