Decentraland (MANA) Price action continues to lose ground following global markets losing ground on concerns over escalating tensions between Russia and Ukraine. But MANA can withstand these headwinds with the help of support just a few percentage points away. This could create Decentraland price action for a rally that could create new highs at $3.66 for 2022.
MANA Bulls Ready to Rally Around $2.67
Decentraland price its movement looks like it will drop a little more, which means six days in a row. However, even though the markets seem to be going through hell, investors can profit from this crisis.
This level represents the monthly pivot and could stop this downtrend as it did in early January. Once the markets realize that talks are still ongoing and that no real war has begun for now, it will be important to wait for traders to look beyond the current sentiment and begin to see buying opportunities as the headwinds begin to dwindle rapidly. A bounce of $2.67 or $2.57, followed by a rally to $3.66, setting new highs for 2022 and profiting 36% in the process can be expected.
If the markets decline further and stock indices start trading in corrective areas, further declines can be expected and buying on the dips will not work as a strategy this time around. Where the 200-day Simple Moving Average (SMA) and the start of the Fibonacci retracement level align with each other, it will be quite important to wait for the MANA bears to surpass $2.57 and sail to $2.15. A break below levels would mean a free fall in price action as MANA enters the retracement area and there is an overall loss in investor confidence.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.