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Decentraland price tests key support but MANA bulls prepare for 42% rally

  • Decentraland price has been retracing after slicing above the upper boundary of the prevailing chart pattern.
  • However, the bullish target of $4.93 will remain intact as long as MANA stays above $3.28.
  • Decentraland will face multiple tough hurdles ahead. 

Decentraland price has been consolidating after it sliced above a crucial resistance barrier of the prevailing chart pattern. Although MANA has been retracing, a 42% climb is still on the radar as long as the token does not fall below the critical support level at $3.28, the apex of the governing technical pattern.

Decentraland price targets $4.93 next

Decentraland price has sliced above the symmetrical triangle on the 12-hour chart on December 23, suggesting that MANA was ready to kickstart a new rally. The prevailing chart pattern projects a 42% ascent from the breakout point toward $4.93, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI).

Although Decentraland price has trended lower as it consolidated following the break above the aforementioned upper boundary of the prevailing chart pattern, the bullish outlook remains intact if MANA stays above the apex of the triangle at $3.28.

The first line of resistance for Decentraland price is at $3.48, where the 50 twelve-hour Simple Moving Average (SMA) and 21 twelve-hour SMA intersect. MANA will face further headwinds at the 38.2% Fibonacci retracement level at $3.53, then at the 100 twelve-hour SMA at $3.71, then at the 50% retracement level at $3.85.

MANAUSDT

MANA/USDT 12-hour chart

Decentraland price will also face additional hurdles at the 61.8% Fibonacci retracement level at $4.17, then at the 78.6% Fibonacci retracement level at $4.63. If buying pressure continues to increase, the token could reach the bullish target at $4.93.

If a spike in sell orders occurs, Decentraland price could discover immediate support at the apex of the governing technical pattern at $3.28. However, if MANA slides below the aforementioned line of defense, the optimistic forecast would be invalidated. Additional foothold may emerge at the 23.6% Fibonacci retracement level at $3.14, then at the November 7 high at $2.97.

Author

Sarah Tran

Sarah Tran

Independent Analyst

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

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