- Decentraland price looks to be set to close the week in profit.
- MANA price action went against the tide, with global markets nervous and still jitters after the Fed tightening announcement.
- A weekly close above the S1 and Fibonacci low should trigger a return to the upside.
Decentraland (MANA) price has been on the front foot in a challenging market environment. MANA bulls look ready to eke out 28% of gains for this week after the price lifted from the 200-day Simple Moving Average (SMA) and is now set to pop and stay above the monthly S1 support level. Expect more investors to join the rally once the MANA price can consolidate above the S1 and set $2.57 later today as the price target.
MANA price set for 15% price hike
Decentraland was forming a falling knife last week but got picked up after the bounce off the $1.67 handle and went against the tide this week as the 200-day SMA around $2.0 offered a window of opportunity for more bulls to extend the recovery. In a slow grind, price action again space and lifted MANA 28% until Decentraland price is hovering. As bulls are now trying to consolidate above the monthly S1 at $2.24, and with that as well reentered the Fibonacci retracement to all-time highs.
MANA price is yet still far away from any all-time highs. Global markets still look very much on edge, but that does not mean that Decentraland price action will disappoint to the upside. Expect more investors to come in during the US session if MANA price can stay above $2.24. That trigger and inflow will see price action propel further upwards to tick $2.57, the low from December 04 and set as an easy profit target to be reached.
MANA/USD daily chart
The monthly S1 can be proven slippery when wet, and price action could easily slide back below, triggering bulls to take their money and run. MANA price would be plie back against the 200-day SMA, break it and fulfill the swing trade towards $1.67. Would the swing lower trigger an even more aggressive selloff from bulls and investors, expect a short overshoot towards $1.28, just above the monthly S2.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.