Decentraland Price Prediction: A 20% rally for MANA is possible

Decentraland price could rally once more to challenge newly established shorts.

Decentraland price has upside potential

Decentraland price could be setting up for a countertrend rally targeting the September highs. Last month, the Ethereum-based gaming token witnessed a 23% rally, printing a last-minute October high at $0.73.  Despite the current sell-off in the market due to profit-taking activities, subtle evidence suggests one more wave up could occur. Key levels of interest would be the 2020 triangle apex between $0.78 and $0.80.

MANA price currently auctions at $0.65. The profit-taking consolidation has forged a 10% market value loss following October's last-minute rally. The volume profile indicator suggests the sell-off is due to reverse eventually, as the bears have not produced a candle stick of equal volume to the strongest bullish candles.

MANA./USDT 1-Day Chart

The 8-day exponential moving average is currently being tested as support. If the bulls fail to hold their ground, a test of the 21-day simple moving average will occur near $0.63 for an additional 5% decline.

Still, the uptrend's health will remain intact so long as the lows at $0.58 remain unbreached. If the bears happen to tag the lows, traders should expect a further decline toward the 2020 liquidity levels near $0.50. Such a move would result in a 23% decline from the current market value.

In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team