- Decentraland price at risk of a violent pullback to $2.75.
- A powerful bearish Point and Figure pattern warns of a likely retracement.
- A Gann time cycle complements the Point and Figure analysis warning of a flash-crash.
Decentraland price has been the biggest surprise of 2021, gaining a staggering 7,766% since January 1st, 2021. However, the same seven-week Gann cycle that triggers the correction in Bitcoin and Ethereum is now present on the MANA weekly chart.
Decentraland price faces a 40% drop to $2.75
Decentraland price action is culminating into a termination phase known as Gann’s ‘death cycle.’ Gann’s ‘death cycle’ is a seven-week time cycle that warns of imminent corrective moves if an instrument has been trading in a single direction for seven weeks.
Decentraland is in its seventh straight week of a weekly candlestick close above the open. This cycle culminates at the same time that massive gaps between the bodies of the weekly candlesticks and the Tenkan-Sen have developed. All signs point to a fast move south.
One of the most sought-after short signals in Point and Figure analysis is the Bearish Catapult. That pattern is developing on the $0.20/3-box reversal Point and Figure chart. The hypothetical short entry is a buy stop order at $4.20, with a stop loss at $5.00 and a profit target at $2.00.
MANA/USDT Weekly Ichimoku Chart
The implied profit target of $2.00 is based on the Vertical Profit Target Method in Point and Figure and extends beyond the expected support level at $2.75. That is not to say Decentraland price won’t find support at $2.75, but it is a warning of how expansive any corrective move could be for MANA.
As bearish as the current time and price conditions are for Decentraland, the overall trend remains bullish, and MANA is in price discovery territory. Therefore, a return above the $5.00 value could trigger further buying towards the $7.00 range.
Follow us on Telegram
Stay updated of all the news
Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike
The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.
Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%
Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%.
These altcoins could yield massive gains after Cardano and XRP prices rally this alt season
While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM.
XRP price tags $0.49 as Ripple bulls make a comeback
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.