Decentraland price to double as MANA enters buy zone

Decentraland price correction nears an end as it approaches the buy zone, extending from $3.11 to $3.64.
A dip into this area will likely reverse the downtrend and trigger a 107% upswing to $7.50.
A breakdown of the range low at $2.46 will invalidate the bullish thesis.

Decentraland price has been on a downtrend for quite some time but is about to come to an end. This possible cessation of the correction is due to a buy zone that has a high chance of reversing the downswing.

Decentraland price ready for new all-time high

Decentraland price has dropped 26% between November 24 and November 26, and it looks like this downswing will continue a little lower. MANA will soon encounter the 50% retracement level at $4.01, a breakdown of which will knock it down toward the buy zone, extending from $3.11 to $3.64.

This area is well-known for producing high probability reversals. Therefore, investors can expect MANA to see a substantial increase in buying pressure around this area. A bounce from the buy zone will likely trigger an upswing that will undo the recent gains and aim to retest the all-time high at $5.90.

Decentraland price wil not stop at the current all-time high but make a run for the 100% Fibonacci extension level at $6.31. In a highly bullish case, this leg-up could take MANA toward the 161.8% Fibonacci extension level at $7.50.

This move would constitute a 107% upswing from $3.64 and set up a new high for the token.

MANA/USDT 4-hour chart

On the flip side, if Decentraland price fails to bounce off the buy zone, extending from $3.11 to $3.64, it will indicate that the sellers are in control. This move will likely lead to a retest of the range low at $2.46.

Here, buyers can make another comeback, but a daily close below this level will create a lower low and invalidate the bullish thesis.

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.