Strong support has been established at around $0.35. The altcoin has recently broken the $0.4 resistance level and is on its way to hitting the $0.5 mark. The price of MANA is trading above the 200-day moving average and the RSI is at 71, indicating more room for appreciation.
Bullish Flag Pattern Confirms Upward Trend
Decentraland has formed a bullish flag pattern, which is a continuation pattern illustrating that the previous upward trend will continue. The Exponential Moving Average of 50 (EMA) is positive and is above the EMA200, suggesting an increase in buying pressure.
Money Flow Indicator Points to Buyer Control
The Chaikin Money Flow Indicator is at the 0.45 level, indicating that capital is flowing into the market. This is a sign that buyers are in control and money flow into the Decentraland market is increasing. On the 4-hour chart, the CMF also indicates that buying pressure is increasing, which could push the price toward the target of $0.5.
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