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Decentraland Price Prediction: MANA projects a 47% upswing

  • Decentraland price could be preparing for a significant uptick toward $4.18 if the governing technical pattern is robust.
  • However, MANA will face multiple challenges ahead before the optimistic target could be reached.
  • If selling pressure increases, Decentraland will find immediate support at $2.72.

Decentraland price has formed a bullish chart pattern following a long period of consolidation. The prevailing chart pattern suggests that MANA could be headed for a major upswing, a 47% ascent following a slice above the upper boundary of the governing technical pattern. 

Decentraland price eyes $4.18 next

Decentraland price has broken above the upper boundary of the falling wedge pattern on the daily chart, putting a 53% surge on the radar toward $4.18. 

MANA has already kickstarted the climb following the slice above $2.72, at the topside trend line of the governing technical pattern. Decentraland price is facing immediate resistance at the 50% retracement level at $2.80. 

Additional obstacles may emerge at the 50-day Simple Moving Average (SMA) at $2.99, then at the 61.8% Fibonacci retracement level at $3.06.

If buying pressure continues to increase, Decentraland price will confront another challenge at the 100-day SMA at $3.13, then at the 78.6% Fibonacci retracement level at $3.43 before MANA reaches the optimistic target at $41.8, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI).

MANAUSDT

MANA/USDT daily chart

However, if selling pressure increases, Decentraland price could fall toward the lower boundary of the governing technical pattern at $2.72, then toward the 21-day SMA at $2.54, which intersects with the 38.2% Fibonacci retracement level.

A spike in sell orders may push Decentraland price lower toward the 23.6% Fibonacci retracement level at $2.22, before MANA tags the 200-day SMA at $1.97. The token could fall lower toward the lower boundary of the prevailing chart pattern at $1.55 if the aforementioned footholds fail to hold.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
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