Decentraland price to double as MANA enters buy zone
|- Decentraland price correction nears an end as it approaches the buy zone, extending from $3.11 to $3.64.
- A dip into this area will likely reverse the downtrend and trigger a 107% upswing to $7.50.
- A breakdown of the range low at $2.46 will invalidate the bullish thesis.
Decentraland price has been on a downtrend for quite some time but is about to come to an end. This possible cessation of the correction is due to a buy zone that has a high chance of reversing the downswing.
Decentraland price ready for new all-time high
Decentraland price has dropped 26% between November 24 and November 26, and it looks like this downswing will continue a little lower. MANA will soon encounter the 50% retracement level at $4.01, a breakdown of which will knock it down toward the buy zone, extending from $3.11 to $3.64.
This area is well-known for producing high probability reversals. Therefore, investors can expect MANA to see a substantial increase in buying pressure around this area. A bounce from the buy zone will likely trigger an upswing that will undo the recent gains and aim to retest the all-time high at $5.90.
Decentraland price wil not stop at the current all-time high but make a run for the 100% Fibonacci extension level at $6.31. In a highly bullish case, this leg-up could take MANA toward the 161.8% Fibonacci extension level at $7.50.
This move would constitute a 107% upswing from $3.64 and set up a new high for the token.
MANA/USDT 4-hour chart
On the flip side, if Decentraland price fails to bounce off the buy zone, extending from $3.11 to $3.64, it will indicate that the sellers are in control. This move will likely lead to a retest of the range low at $2.46.
Here, buyers can make another comeback, but a daily close below this level will create a lower low and invalidate the bullish thesis.
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