• Decentraland price is looking to extend the big technical breakout.
  • Facebook’s Meta rebranding announcement drove MANA price to the moon.
  • MANA price charted a falling wedge breakout on the 12-hour sticks.

Decentraland price has resumed its bullish momentum, adding nearly 40% since its renewed upside on Thursday.

At the time of writing, MANA price is off the two-week highs of $3.83, trading around $3.60, looking to recapture the $4 mark.

After a brief consolidative stint seen in the first week of November, MANA price saw a revival in its uptrend triggered by Facebook’s rebranding to Meta late last month. 

MANA price shot to all-time highs of $5.03 on Meta’s plan to focus on a metaverse, which stoked investors’ interest.

Decentraland price heads towards all-time highs

The relentless rise in Decentraland price remains unstoppable, as MANA bulls extend the three-day bullish momentum on Saturday.

MANA price consolidates near two-week highs, gathering pace for the next upswing, as the technical setup on the 12-hour chart remains in favor of bulls.

The further upside remains intact, especially in light of a falling wedge breakout confirmed on the said time frame on Friday. MANA price closed the 12-hour candlestick above the falling trendline resistance, then at $2.60, yielding a big technical breakout.

The Relative Strength Index (RSI) is holding firmer above 70.00 but not yet in the extremely overbought region, leaving additional room for the upside.

Therefore, MANA buyers remain on track to recapture the $4 mark if the intraday highs get cleared. The next relevant bullish target is envisioned at the record highs.

MANA/USD 12-hour chart

Any retracement from higher levels could bring Friday’s low of $3.04 back in play.

MANA sellers will then target the mildly bullish 21-Simple Moving Average (SMA) at $2.78 on additional weakness.

If the corrective pressure persists, then MANA bears could be forced to challenge the wedge resistance now support at $2.47.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Are your bags packed for FOMO Season?

Are your bags packed for FOMO Season?

Crypto markets shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight. BTC follows through on the bullish technicals mentioned in previous outlooks. ETH continues to display strength in the market. XRP seems poised for a rally. Invalidation of the up trend is vital.

More Cryptocurrencies News

Bitcoin price ekes out a 15% move as whales return

Bitcoin price ekes out a 15% move as whales return

BTC reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000.

More Bitcoin News

3 Reasons why Dogecoin price is ready to go ballistic

3 Reasons why Dogecoin price is ready to go ballistic

Dogecoin price sits on the edge of a 26.23% climb to $0.0888. Elon Musk believes DOGE has a larger total transaction capability than Bitcoin. Mark Cuban is confident that Dogecoin potentially has more applications compared to Cardano.

More Dogecoin News

Cardano price edges closer to a massive breakout after months of trying

Cardano price edges closer to a massive breakout after months of trying

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next. 

More Cardano News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP