fxs_header_sponsor_anchor

Decentraland price to catch its breath before MANA bulls revisit $3

  • Decentraland price rose 14% but faced stiff resistance at $2.54, leading to a retracement.
  • Investors can expect MANA to retest $2.29 before making another attempt to tag $3.
  • A four-hour candlestick close below $2.20 will invalidate the bullish thesis.

Decentraland price shows a lack of momentum after rallying over the last week, resulting in a correction. While this pullback is necessary for further gains, if not controlled, bears could ruin the picnic.

Decentraland price set for massive gains

Decentraland price set a range extending from $2.22 to 2.54 after rallying 15.17% between March 14 and 17. This move was followed by a bullish uptick that allowed MANA to sweep the highs. 

While optimistic, the uptrend failed to sustain above $2.54 and led to a correction. Decentraland price is currently trading at $2.40 and shows signs that this pullback will dig deeper. More specifically, MANA is likely to reverse its downtrend after retesting the 70.5% retracement level at $2.32.

Ideally, a trend reversal should occur anywhere between $2.89 to $2.34, but in an extreme case, Decentraland price might tag the $2.22 or $2.20 support levels before pulling ‘a hundred and eight.’

As long as the MANA price does not produce a decisive four-hour candlestick close below $2.20, the bullish thesis remains intact. Regardless of the reversal’s accurate position, investors can expect Decentraland to make an attempt to retest the $3 psychological level

MANA/USDT 4-hour chart

While things are looking up for Decentraland price, it needs to be mindful of not allowing bears to take control. However, a four-hour candlestick close below $2.20 will invalidate the bullish thesis for Decentraland price. 

Flipping the $2.20 support level into a resistance barrier on a daily chat will be a significant development and will open the path for further losses. In this situation, market participants can expect MANA to crash 32% before arriving at a stable support level at $1.49.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.