Decentraland price coils up before MANA explodes by 22%

Decentraland price is at an inflection point and will likely catalyze a massive run-up. This outlook, however, depends on how MANA bounces off the support level it is hovering around.

Decentraland price looks ready for a move

Decentraland price has been hovering around the $3.16 support level for roughly a week. So far, MANA has touched this support level thrice, giving rise to a triple bottom setup. This bottom reversal pattern combined with the consolidation suggests that the Decentraland price is ready for an explosive move. 

The $3.43 resistance barrier is the first hurdle Decentraland price will face on its journey north. Clearing this blockade will allow buyers to step on the pedal, propelling Decentraland to $3.65. 

If Decentraland manages to push past $3.65 and the buying pressure continues to hold up, MANA is likely to make a run for the $4 psychological level. 

Traders can take advantage of this opportunity by entering long at the current position and taking profit at $3.65. 

MANA/USDT 4-hour chart

On the other hand, Decentraland price could fail to bounce off the $3.16 support level. If the selling pressure increases, pushing MANA to produce a four-hour candlestick close below $3.16 will create a lower low.

If this barrier is shattered, it will invalidate the triple bottom’s bullish outlook and likely trigger a 4% crash to $3.01.