Decentraland price back in a bullish posture after recovering most losses

Decentraland has seen a massive bullish recovery as price action reaches almost back up to $4.5.
MANA price sees more bullish signs as well-respected support holds at $3.66.
Expect further bullish momentum if investors can push the price above $4.50 and consolidate above there.

Decentraland (MANA) was no different from most cryptocurrencies after it suffered from Bitcoin’s woes following its flash crash this weekend. Since then MANA has seen bulls grasping the opportunity to jump onboard at a discount with the altcoin trading at $2.60 , and MANA price has since seen a reversal back up to $4.12. A further continuation could see bulls back at $5.0 by the end of this week.

Decentraland to see price back up to $5.0 by the end of this week

Decentraland suffered more than some other major cryptocurrencies after Bitcoin’s flash crash on Saturday morning. Bulls jumped quickly on the opportunity to buy at $2.60, as the 55-day Simple Moving Average acted as an anchor for price. Not even the S1 monthly support level at $2.50 came into play as buying was so massive just a few cents above there.

Expect MANA to further rally to the upside towards the critical $4.50 level. That level is a line in the sand and could mark a level where more investors start picking up MANA. A consolidation or daily close above that level would give the rally additional volume to go for new all-time highs. At the same time, bears will earmark that level as a point to start shorting once again.

MANA/USD daily chart

In a case where current tailwinds fade and headwinds take over again, expect the current recovery rally to fade in the wake of $4.50 and for price to break below the 61.8% Fibonacci level at $3.66. An accelerated sell-off could then occur and a nose dive towards $2.50. Expect the 55-day SMA not to hold this time, so it would be up to the monthly S1 to show support. If it does not hold, the Fibonacci retracement at $2.15 could see some respect instead.

Share: Cryptos feed

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.