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Decentraland defies Russian/Ukraine fears, MANA bullish and targets breakout

  • Decentraland price action close to a decisive, bullish Ichimoku breakout.
  • Global concerns regarding Russia have put risk-on assets in the red – but Decentraland has bucked that trend.
  • Downside risks remain strong with a wide distribution range.

Decentraland price has been one of the few bullish performers in the cryptocurrency market on Thursday. Risk-on markets from stocks, futures, and cryptocurrencies have all been in the red for the majority of their respective sessions due to reports that Russia is close to an actual invasion of Ukraine.

Decentraland price unfazed by global concerns, MANA continues to march higher

Decentraland price has two bullish breakout patterns currently developing on its daily Ichimoku chart. The first is an inverse head-and-shoulders pattern. To confirm the inverse head-and-shoulders pattern, bulls need to break the neckline at $3.57. Bulls will likely wait for a close above the neckline before making any new long entries.

The second bullish breakout pattern is the Ideal Bullish Ichimoku Breakout. An Ideal Bullish Ichimoku Breakout has the following requirements:

  1. Future Span A is above Future Span B.
    1. If Future Span A is below Future Span B, then Future Span A must be pointing up while Future Span B is flat or pointing down.
  2. Tenkan-Sen above the Kijun-Sen.
    1. If the Tenkan-Sen is below the Kijun-Sen, then the Tenkan-Sen must be pointing up while the Kijun-Sen is flat or pointing down.
  3. Current close above the Tenkan-Sen, Kijun-Sen, and Cloud.
  4. Chikou Span above the bodies of the candlesticks and in open space.
    1. Open space is a condition where the Chikou Span won’t intercept the body of any candlestick over the next five to ten periods.

All of the conditions above are currently true – traders now await the close of the daily candlestick to confirm an entry. Decentraland price needs to close at or above $3.15 to fulfill all conditions for an Ideal Bullish Ichimoku breakout entry.

MANA/USDT Daily Ichimoku Kinko Hyo Chart

However, Decentraland price is not immune to the volatility inherent with ongoing global saber-rattling between an aggressive Russia threatening Ukraine. Therefore, downside risks should be limited to the $2.55 value area where the 38.2% Fibonacci retracement, daily Kijun-Sen, and bottom of the Cloud (Senkou Span A) exist.

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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