- Decentraland price sees price action underpinned at the 200-day SMA.
- MANA to materialize a breakout trade as the short-term trend line is set to be broken.
- Expect a bullish start of the week with MANA projected around $0.66.
Decentraland (MANA) price is currently on the backfoot slightly as the ASIA PAC session started off with a bullish undertone. Nothing surprising just yet as MANA is currently residing at the 200-day Simple Moving Average (SMA), which has been providing support on plenty of previous occasions. With the bullish undertone being handed over in the European trading session, expect to see a breakout trade that could see MANA shooting higher to $0.66 by Tuesday or Wednesday if this undertone persists.
Decentraland price has bulls gearing up for a 13% upswing
Decentraland price had been in steep decline ever since bulls tried to break above the 55-day SMA two weekends ago after Credit Suisse got pushed into a merger. In a bearish triangle formation with the 200-day SMA as the base, plenty of attacks have been launched – each unsuccessful. Seeing the bullish tone this morning in global markets with equities and risk assets on the front foot, expect to see that filter through MANA price action with a bit of delay.
MANA thus does not complete the bearish triangle and rather goes the other way. Once the orange ascending trend line is broken again, expect this time to see some follow-through. By Tuesday or Wednesday, the rally could extend toward $0.66 and meet the 55-day SMA as the price cap for this week.
MANA/USD 4H-chart
The bearish triangle could well be fulfilling its destiny and first needs to tread below the 200-day SMA in order to find enough buyers who will push price action back up. The best candidate for that is at the monthly S1 support level near $0.55. That means still another 5% loss to be added.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.