- Decentraland price is up 3% on the day and 155% since the start of the year.
- Technical indicators suggest a potential move toward $1.00 could occur.
- Invalidation of the bullish thesis is a breach below the $0.66 low.
Decentraland price is building a cause for the next volatile surge. Traders should be on the lookout for any sudden changes in market behavior near current price levels.
Decentraland price is setting up a move
Decentraland (MANA) price is up 3% on the day, maintaining a shallow consolidation within the recently established uptrend that began on January 1. At the time of writing, the MANA price has been up 155% since the new year began.
Decentraland price currently auctions at $0.74. A coiling pattern occurs on smaller time frames between the 8-day exponential and 21-day simple moving averages. This pattern usually occurs before a volatile price movement.
The Relative Strength Index (RSI), an indicator used to gauge the strength of an uptrend, suggests that the Decentraland price is genuinely bullish. This is noted as the daily timeframe broke into overall conditions on January 18 upon tagging the $0.68 zone. Additionally, there are bullish divergences in the $0.70 as the RSI is coming back down into supportive zones between 40 and 50
Overall, the technicals support a bullish bias for Decentraland price, indicating that the decentralized virtual reality token may set up another move to the upside. A break above the $0.75 swing point will likely induce another rally to challenge the monthly high at $0.84, leading to a buying frenzy targeting the $1.00 price zone.
MANA/USDT 1-Day Chart
MANA/USDT 1-Day Chart
However, a breach below the current range low at $0.66 could invalidate this bullish scenario. If the level is tagged, the bears could induce a selling frenzy, targeting resistance zones within the uptrend as low as the $0.50 zone. The bearish scenario would pave the way for a 30% decline.
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.