Decentraland Price Prediction: A 20% rally for MANA is possible
|- Dentraland price hovers above two vital moving averages.
- The volume profile indicator shows a tapered look following the last rally.
- Invalidation of the bullish thesis is a breach below $0.61.
Decentraland price could rally once more to challenge newly established shorts.
Decentraland price has upside potential
Decentraland price could be setting up for a countertrend rally targeting the September highs. Last month, the Ethereum-based gaming token witnessed a 23% rally, printing a last-minute October high at $0.73. Despite the current sell-off in the market due to profit-taking activities, subtle evidence suggests one more wave up could occur. Key levels of interest would be the 2020 triangle apex between $0.78 and $0.80.
MANA price currently auctions at $0.65. The profit-taking consolidation has forged a 10% market value loss following October's last-minute rally. The volume profile indicator suggests the sell-off is due to reverse eventually, as the bears have not produced a candle stick of equal volume to the strongest bullish candles.
MANA./USDT 1-Day Chart
The 8-day exponential moving average is currently being tested as support. If the bulls fail to hold their ground, a test of the 21-day simple moving average will occur near $0.63 for an additional 5% decline.
Still, the uptrend's health will remain intact so long as the lows at $0.58 remain unbreached. If the bears happen to tag the lows, traders should expect a further decline toward the 2020 liquidity levels near $0.50. Such a move would result in a 23% decline from the current market value.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
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