• Decentraland price action is nearing two levels of vital support. 
  • Although most cryptocurrencies are heavily on the backfoot, Decentraland and Bitcoin limit any significant losses. 
  • Expect a bounce of 38% towards $3.66, making new highs for this year.

Decentraland (MANA) price action is losing ground as global markets look to be set on fire by concerns about the escalating situation between Russia and Ukraine. But MANA could be able to withstand these headwinds with the help of support just a few percentage points away. This could set up Decentraland price action for a rally  that could set new highs for 2022 at $3.66.

MANA bulls are ready to pull the trigger for the rally around $2.67

Decentraland price action looks set to have another red day, making it the sixth one in a row. But although markets seem to be on fire – and yet again, the end of the world looks near, with a possible war between Russia and Ukraine – investors can still come out winning from this crisisn interesting support level is within reach at $2.67 which could provide the foundation for a recovery. 

That level is the monthly pivot and it could halt this downtrend in the same way it did at the beginning of January. Once markets realise that talks are still ongoing and for the moment no real war has started, expect investors to look beyond the current sentiment and start to see the buying opportunities, as headwinds  quickly start to fade. Expect a bounce off of either $2.67 or $2.57, followed by a rally that could hit $3.66, printing new highs for 2022 and in the process booking a 36% profit.

MANA/USD daily chart

MANA/USD daily chart

Should markets fall further, and equity indexes start to trade into corrective areas, expect more downturns to come as the moves blindside investors, and buying the dip will not work as a strategy this time. Expect MANA bears to punch through $2.57 and set sail for $2.15 where the 200-day Simple Moving Average (SMA) and the start of the Fibonacci retracement level fall in line with each other. A break below, would spell a free-fall of price action as MANA re enters its corrective area and there is a general loss of investor confidence.

 


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP