Decentraland (MANA) is consolidating after rallying to the ATH level of $5.89 on Nov. 25. According to analyst Sarah Tran, how it tests the latest downtrend as it approaches a critical resistance will be decisive. The analyst says that breaking above the resistance line could result in a 36% gain. Here are the peak predictions…
Decentraland price climbs 36%
Decentraland formed a symmetrical triangle formation on the 4-hour chart, showing traders a few visible clues of their directional intentions. However, MANA is currently approaching the upper boundary of the prevailing technical pattern, which indicates that the bulls are about to exhaust the pace amid the uptrend. The first resistance MANA may face is $3.63, which coincides with the upper trendline of the current pattern. Breaking above this level could pull the 36% bullish target on the radar towards $5.00.
It could act as another resistance at $3.85. Also, an additional hurdle could appear at the 61.8% Fibonacci retracement level at $4.17, which can be followed near the 100 four-hour SMA, then at the 78.6% Fibonacci retracement level at $4.63. The analyst thinks pullbacks to $4.81 are possible before targeting $5 in MANA. Additionally, if the bullish view breaks down, MANA price will explore support levels at $3.53 and then $3.49. If the selling pressure builds, MANA could slide further to find a defensive line at the lower border of the triangle at $3.19.
Conclusion
cryptocoin.com According to Sarah Tran, whose analysis we have shared with you, investors should keep in mind that falling below the above-mentioned footing could pose problems for the bulls, as there could be a 36% drop on the radar for the Decentraland price. However, an additional support line at $3.14 will appear at the 23.6% Fibonacci retracement level that intersects the MRI support line. If catastrophic selling pressure occurs, Decentraland price could slide towards the Nov. 7 high of $2.98.
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