• Decentraland price develops massive bullish breakout setup.
  • A powerful bullish reversal setup could trap a large number of short-sellers.
  • Downside risks exist and could be extensive if support fails.

Decentraland price could generate some major surprises across the entire cryptocurrency space. Despite six days of losses, it has maintained support within the Ichimoku Cloud and is now poised for a strong bullish breakout.

Decentraland price positioned to trigger a giant bear trap, propelling MANA towards $4

Decentraland price action was not immune to the intense selling pressure faced by nearly every cryptocurrency. From the high of $3.33 last Wednesday to the current daily low at $2.38, MANA lost 30% of its value. So for six painful (for bulls) consecutive days, MANA dropped lower – that trend may end today.

Despite the intense selling pressure over the last week, Decentraland price has not capitulated. In fact, over the past week, the threshold required for MANA to begin a new Ideal Bullish Ichimoku Breakout entry has dropped significantly from $3.50 last Wednesday to $2.94 today, and by Wednesday, it drops even further to $2.84.

Decentraland price has one primary resistance level in front of it, the 38.2 % Fibonacci retracement at $2.58. If bulls can rally MANA above that, the next stop is a daily close at or above $2.85. However, to reach that price level, bulls will be severely tested due to the Tenkan-Sen, Kijun-Sen, and top of the Ichimoku Cloud (Senkou Span B) forming the final resistance before breaking out above the Cloud.

MANA/USDT Daily Ichimoku Kinko Hyo Chart

However, Decentraland price is close to converting into another Ideal Bearish Ichimoku Breakout. If sellers complete a daily close at or below $2.25, then a return to the $1.75 value area is almost certain.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

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