- MANA price action is coiling into what appears to be a bullish wedge.
- Volume suggests more time is available for the wedge to develop.
- A break below 2.30 will invalidate the bullish outlook.
Decentraland’s native token MANA has been consolidating for 30 days since the 90% bull rally it saw in late January. While bulls appear to be re-entering the market, the token could soon rise towards $2.90 before a potential breakout.
MANA price is prepping for huge returns
MANA price is currently consolidating 2% below this week's high at $2.47 and has shown no weakness in the trend. Fruitful returns should come as no surprise to investors of the Metaverse token if it manages to break resistance. A sustained daily close above $2.50 could produce profitable returns in the days to come.
Volume, however, does not display clear evidence as to who is truly in control of MANA price. For this reason, it is best to assume that more time is needed for the overall wedge to develop.
The wedge still has 10% upside potential towards $2.75, which could be great for short-term scalpers.
MANA /USD 1-day chart
MANA's long-term investors should keep in mind that the big bull-rally back towards $4 is unlikely to happen soon. Bullish price action needs to occur around $2.92 first, which is an additional 20% from MANA's current price.
For this reason, long-term investors shouldn't add to their positions just yet. The better option is to keep buying power ready for a breakout above $2.92
Invalidation of this bullish wedge is currently 12% below MANA price at $2.30. A close below $2.30 on the 12-hour time frame will alter the structure too much to consider MANA's coiling price action as a bullish wedge.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
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.