However, the cryptocurrency has recently cooled off, losing 7% of its market value in the last three days.

Traders should keep in mind that the current consolidation phase could indicate bearish sentiment, and a deeper pullback could occur.

The price of Decentraland is currently $0.73. Decentraland is currently trading above the 21-day simple moving average, so traders should keep an eye on this level for signs of support or lack thereof.

If the 21-day simple moving average support fails to hold, the price of Decentraland is likely to fall much further.

In addition to the price analysis, the Relative Strength Index (RSI) on the 3-day chart provides additional insight into Decentraland’s current trend.

The RSI measures the strength of price changes, with values greater than 70 indicating overbought and values less than 30 indicating oversold.

Currently, the RSI has not crossed into overbought territory, indicating that the price may still have room to fall. Furthermore, a bearish divergence can be seen between the recent swing highs of $0.70, $0.73, and $0.84, indicating that the uptrend may be fading.

Under a bearish scenario, the 50-day simple moving average at $0.54 could be a possible target. If the bears succeed, MANA would fall by 25%.

Regardless of these bearish signals, traders and investors should remember that the market is often volatile and unpredictable. A break above the recent swing high at $0.84 would invalidate the bearish thesis and could signal that the market is preparing to rally again.

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