Decentraland Price Prediction: Today’s Decentraland (Mana) Price, 7th March 2023

Since reaching a yearly high of $0.842 on February 2, the Decentraland price has fallen below a descending resistance line.

During the descent, the price has traded above the long-term $0.625 horizontal support area. These two structures come together to form a descending triangle, which is a bearish pattern. As a result, the price is expected to fall from there.

If the price falls, the nearest support level is at $0.500. This is the 0.618 Fib retracement support level for the upward movement (white).

A breakout from the descending resistance line, on the other hand, could lead to an increase towards $0.80.

A breakdown is the most likely scenario due to the presence of a bearish pattern and the fact that the daily RSI is below 50 (red icon).

The short-term six-hour chart technical analysis shows that the MANA token price has completed a five-wave upward movement and may now be in the C wave of an A-B-C corrective structure (black).

If this is the case, the digital asset’s price will soon break through the $0.625 horizontal support level and complete its correction.

If so, the support line of a descending parallel channel would coincide with the $0.500 support area. Because channels frequently contain corrections, this outline is perfectly compatible with the possibility of a correction.

However, as previously stated, a breakout from the descending resistance line would render this short-term bearish Decentraland price prediction for March invalid and could lead to a drop towards $0.80.

To summarise, the most likely Decentraland price prediction for March is a drop to the $0.500 support level before continuing upward movement.

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