Decentraland Price Prediction: MANA poised for a 20% yard dash

• Decentraland price is up 3% on the day and 155% since the start of the year.
• Technical indicators suggest a potential move toward $1.00 could occur.
• Invalidation of the bullish thesis is a breach below the $0.66 low.

Decentraland price is building a cause for the next volatile surge. Traders should be on the lookout for any sudden changes in market behavior near current price levels.

Decentraland price is setting up a move

Decentraland (MANA) price is up 3% on the day, maintaining a shallow consolidation within the recently established uptrend that began on January 1. At the time of writing, the MANA price has been up 155% since the new year began.

Decentraland price currently auctions at $0.74. A coiling pattern occurs on smaller time frames between the 8-day exponential and 21-day simple moving averages. This pattern usually occurs before a volatile price movement.

The Relative Strength Index (RSI), an indicator used to gauge the strength of an uptrend, suggests that the Decentraland price is genuinely bullish. This is noted as the daily timeframe broke into overall conditions on January 18 upon tagging the $0.68 zone. Additionally, there are bullish divergences in the $0.70 as the RSI is coming back down into supportive zones between 40 and 50

Overall, the technicals support a bullish bias for Decentraland price, indicating that the decentralized virtual reality token may set up another move to the upside. A break above the $0.75 swing point will likely induce another rally to challenge the monthly high at $0.84, leading to a buying frenzy targeting the $1.00 price zone.

MANA/USDT 1-Day Chart

MANA/USDT 1-Day Chart

However, a breach below the current range low at $0.66 could invalidate this bullish scenario. If the level is tagged, the bears could induce a selling frenzy, targeting resistance zones within the uptrend as low as the $0.50 zone. The bearish scenario would pave the way for a 30% decline.

 

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