Decentraland set for at least 20% gains this week as investors look for risk on
|- Decentraland price popped higher on Sunday, setting the tone for the new trading week.
- MANA price looks set to pop 20% higher towards the next Fibonacci level.
- As tailwinds emerge, expect more upside to come this week in MANA price action.
Decentraland (MANA) price is set for more upside after price action broke above the 78.6% Fibonacci level at $3.00 and is now set to tick $3.66, or the 61.8% Fibonacci retracement level, on Sunday. If it hits its target, the return would be around 20% at least, as the 61.8% Fibonacci level will further unlock more upside potential assuming bulls can push the price beyond the monthly R1 pivot in the process. Expect a possible rally even to $4.00 should current tailwinds prevail.
MANA bulls could be in for a treat once beyond the monthly R1 at $3.60
Decentraland sees price action storming out of the gates this Monday after a significant bullish uptick washed out any remaining bears. The target is set for at least 20% gains in the short term if the 61.8% Fibonacci level at $3.66 can be reached. As the monthly R1 resistance is just below $3.60, the stage looks set for a make-or-break week that could hold even more upside if bulls are able to close above the monthly R1.
MANA price will need to see bulls stepping in during the short fade today, which is a welcome step back given the Relative Strength Index (RSI) is approaching the overbought area. Some sort of short step-back is acceptable, but a bullish close is needed to keep the momentum going. Once the R1 resistance is acquisitioned by the bulls, expect more upside to come towards $4.00 as investors process all the information from central banks in the past week and look for risk-on investments once again.
MANA/USD daily chart
On the other hand, negative news from some central bankers could create some panic amongst investors and trigger some risk-off movements. This would set the stage for a pullback in cryptocurrencies, with MANA price action being pushed back against the 78.6% Fibonacci level near $3.00. Short-term, that level should hold, but if pressure mounts, as negative news continues coming in throughout the week, expect more downside towards $2.56.
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