- Decentraland price is hovering around the $3.16 support level and has tagged it for the third time.
- A bounce off this barrier could be the key to triggering a 22% rally to $3.96 for MANA.
- If the $3.16 support level breaches, it will invalidate the bullish thesis.
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.
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, Ethereum prices struggle after mixed US NFP data

BTC and ETH prices experienced a temporary pullback as crypto market participants reacted to the news of the US NFP data release for May. Similar to the situation in April, the number of Nonfarm Payrolls added far exceeded the market’s expectations.
Solana: A break above $26.30 would spell doom for bears

SOL price has been trading with a bullish bias after an explosive breakout on December 30. However, because of volatility and the gloom in the broader crypto market, SOL has been unable to break above a key hurdle at $26.30, causing the price to trade sideways.
Bitcoin Weekly Forecast: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.
China crypto community picks Ethereum, Arbitrum and BNB Chain as top protocols

Ethereum, Arbitrum and BNB Chain protocols are top picks for the Chinese crypto community, data from a report shows, a possible bullish catalyst for tokens related to these protocols as Hong Kong opens the door of crypto to retail investors.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.