• Decentraland price is seeing a minor pullback after a 10% upswing.
  • The correction could extend, allowing MANA to retest $4 before rallying to a new all-time high at $7.5.
  • A breakdown of the range low at $2.73 will invalidate the bullish thesis.

Decentraland price is currently undergoing a minor retracement. This downswing is likely to continue until it retests a crucial reversal zone. But the move will provide sidelined buyers with an opportunity to accumulate before starting a new upswing to potentially fresh all-time highs.

Decentraland price prepares for a blastoff

Decentraland price has been teetering around the 50% retracement level at $4.32 for quite some time. Even the COVID-induced crash did not push it below the level. Instead, MANA rallied roughly 10% to $5.23, but it is now experiencing a short-term pullback. 

Investors can expect Decentraland price to head lower and pierce through the trading range’s midpoint at $4.32. This move will put it closer to a reversal zone, extending from $3.40 to $3.94.

A dip into this area will allow sidelined buyers to accumulate and get on the Metaverse bandwagon, propelling Decentraland price to rally. The first hurdle that MANA will face is $4.32, followed by the range high at $5.9.

Clearing these ceilings will open the path to new highs. The 100% Fibonacci extension level at $6.31 is close to the range high and is likely to be tagged quickly. However, it could go further – market participants could expect MANA to retest the 161.8% Fibonacci extension level at $7.53.

This run-up will indicate a 91% ascent from $3.93 and set a new high for the Metaverse token.

The downswing into the buy zone might sound alluring, but investors should note that it will only arrive if the midpoint of the trading range at $4.32 is breached. Failing to do so might trigger a premature uptrend for MANA.

MANA/USDT 4-hour chart

MANA/USDT 4-hour chart

While things are looking up for Decentraland price, a breakdown through the base of this high probability reversal zone, ranging from $3.93 to $3.40, will be indicative of weak bullish momentum. A daily close below $3.40 is likely to trigger a retest of the range low at $2.74. 

If Decentraland price produces a swing low beneath this barrier, it will invalidate the bullish thesis.


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


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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