Decentraland price provides second buy opportunity before MANA rallies 20%

Decentraland price is currently providing sidelined buyers with another opportunity to accumulate before an uptrend kick-starts. The resulting uptrend is likely to propel MANA to post a higher high.

Decentraland price at deep discount

Decentraland price set up a trading range from $3.07 to $4.24 after the December 4 flash crash. Since setting up this range MANA has created lower lows, indicating waning bullish momentum, but does not provide proof of increasing selling pressure.

Currently, Decentraland price is retesting the 79% retracement level at $3.32 for the second time over the last three days. This retest is well below the midpoint, suggesting that MANA is available at a discounted price.

A potential spike in buying pressure is to be expected here, which is likely to trigger an 18% run-up to $4.01. However, if the bid orders pile up, the metaverse token could revisit the range high at $4.24, representing a 27% ascent from $3.32.

MANA/USDT 4-hour chart

On the other hand, if the Decentraland price fails to stay above $3.32, it will indicate increased selling pressure. In which case, MANA is likely to retest the range low at $3.07 and potentially create a double bottom, allowing buyers a second chance at a comeback.

A daily close below this level, however, will create a lower low and invalidate the bullish thesis explained above.