• 16 July, 2024
News

Decentraland Price Swings on the Horizon Following a Large Transaction Worth Over $190.2M

Market tracker the ”Santiment” has reported that Decentraland (MANA) saw one of its largest transactions of all time today, with 256.31M $MANA moved out of a known whale address. This move was worth over $190.2 M USD and will likely bring about some price action for the cryptocurrency-based virtual world platform.

Decentraland Transaction Volume chart:Santiment

According to market analysts, these massive transactions typically foreshadow price swings in a new direction. With the current market already on edge after yesterday’s corrective from lows of $0.722 to highs of $0.7571, it’s likely that traders should be prepared for more volatility in the near future as Decentraland makes its move.

Decentraland Recent price analysis

According to data from Coinmarketcap, MANA has not experienced significant price changes so far. The coin is trading at $0.7375, experiencing slight gains of 1.15% in the last 24 hours.

Decentraland closed yesterday’s trading session on a bearish note after falling to a low of $0.722.Bulls were able to take control of the asset and push it all the way up to $0.7571 before pulling back and closing in the red on a 0.08% loss.

Looking at the technical analysis on the 1-day timeframe shows the price of MANA is in a consolidation phase after exhibiting sideways movement throughout the day. The RSI leveled off at 59.87 and is currently flat.

MANA/USD 1-day price chart: TradingView

It’s likely that the asset will try to continue its consolidation phase, with bulls attempting to push the price back up and bears pushing it down. Traders should expect increased volatility once Decentraland’s price breaks out of this range.

The MACD line resides below the red signal line, and the histogram points to the downside. This indicates that bears may be attempting to take control of the asset. The EMAs are also trending downwards, indicating a bearish bias. The 21 days EMA is below the 50 days EMA, and both are below the 200-day EMA. This indicates that bears have a stronghold in the market.

MANA/USD price analysis on the 4-hour chart and hourly timeframes indicates bulls seem to be in control of the asset. The bulls were able to push the price up from a low of $0.722 and are now attempting to break above the resistance at $0.7571. If they succeed, traders may expect another leg up in price.

MANA/USD 4-hour chart: TradingView

The RSI indicator is currently at 57.1 and is trending in the neutral zone. This indicates that buyers and sellers are in a balance. The MACD line is above the signal line, and the histogram points to the upside. This indicates that bulls may be attempting to take control of MANA’s price action.

The EMAs are also trending upwards, indicating a bullish bias. With the large transaction today, it’s possible the bulls may be able to break the resistance at $0.7571 and push Decentraland up further.

Overall, traders should expect volatility in Decentraland as a result of this large transaction and prepare for price swings in either direction. The technical analysis indicates that bulls and bears are currently in a balance, so it’s likely that the price will break out of its current range soon.

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