Decentraland price to catch its breath before MANA bulls revisit $3

Decentraland price rose 14% but faced stiff resistance at $2.54, leading to a retracement.
Investors can expect MANA to retest $2.29 before making another attempt to tag $3.
A four-hour candlestick close below $2.20 will invalidate the bullish thesis.

Decentraland price shows a lack of momentum after rallying over the last week, resulting in a correction. While this pullback is necessary for further gains, if not controlled, bears could ruin the picnic.

Decentraland price set for massive gains

Decentraland price set a range extending from $2.22 to 2.54 after rallying 15.17% between March 14 and 17. This move was followed by a bullish uptick that allowed MANA to sweep the highs.

While optimistic, the uptrend failed to sustain above $2.54 and led to a correction. Decentraland price is currently trading at $2.40 and shows signs that this pullback will dig deeper. More specifically, MANA is likely to reverse its downtrend after retesting the 70.5% retracement level at $2.32.

Ideally, a trend reversal should occur anywhere between $2.89 to $2.34, but in an extreme case, Decentraland price might tag the $2.22 or $2.20 support levels before pulling ‘a hundred and eight.’

As long as the MANA price does not produce a decisive four-hour candlestick close below $2.20, the bullish thesis remains intact. Regardless of the reversal’s accurate position, investors can expect Decentraland to make an attempt to retest the $3 psychological level.

MANA/USDT 4-hour chart

While things are looking up for Decentraland price, it needs to be mindful of not allowing bears to take control. However, a four-hour candlestick close below $2.20 will invalidate the bullish thesis for Decentraland price.

Flipping the $2.20 support level into a resistance barrier on a daily chat will be a significant development and will open the path for further losses. In this situation, market participants can expect MANA to crash 32% before arriving at a stable support level at $1.49.

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.