Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
On the lower timeframes, Bitcoin [BTC] has held the $23.5-$23.7k area as support over the past couple of days. Heading into the weekend and potentially low liquidity, BTC bulls could begin to worry that the king might slip back beneath the $23k mark. This could see Decentraland pullback as well. MANA was trading within a range over the past two weeks, and approached the range highs at $1.02. The $1 mark would also likely oppose further gains in the coming days.
If Bitcoin can climb back above the $24.5k mark, it could encourage the Decentraland token to climb sharply as well. The bullish momentum would be witnessed across the altcoin market. To the south, apart from $0.93, there was also a small demand zone at $0.96-$0.95.The hourly Relative Strength Index just barely managed to hold on to the neutral 50 level over the course of the previous day, with a brief dip to the 42 mark.
The boost to the A/D indicator highlighted buying volume in recent days. The price also continued to trade above the EMA ribbon, which suggested that bullish momentum has not died yet. The Bollinger Band width indicator has bobbed and weaved in recent weeks. The surges indicated a sudden rise in volatility. Yet, MANA was unable to break above or below the range. If MANA managed to climb past the $1 mark and the BB bandwidth indicator finds a bottom near 0.05 again, a short-term investor might want to explore buying opportunities.Despite the bullish momentum and the presence of strong buyers, the $1 mark remained significant resistance.
Source: News Formal (newsformal.com)
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