Decentraland (MANA) The price is currently hovering in the buy zone and is trading in the $3.32 to $3.52 range.
MEANING In the price, technical indicators suggest that the $4.01 level, which represents an 18% increase, is possible in the near future, but this bullish thesis could even extend to $4.24. Although the technical indicators in the MANA price show an increase of 18%, a decline below $3.07 will invalidate this bullish thesis.
Famous metaverse altcoin Decentraland’s price seems to have provided another opportunity for currently sideline buyers to save before the uptrend begins. The resulting uptrend is likely to push MANA to record a higher peak.
After the shock fall on December 4, MANA price continued to trade between $3.07 and $4.24. “Lower lows” have emerged showing diminishing bullish momentum since this range was formed, but this lacks any technical data to prove that selling pressure is increasing.
Currently, Decentraland price is retesting the 79% retracement level from $3.32 for the second time in the past three days. This retest is well below the midpoint, indicating that MANA is available at a discounted price.
A potential increase in buying pressure is expected here, which could possibly trigger an 18% increase to as high as $4.01. However, if buying demands pile up, the metaverse altcoin could revisit the $4.24 high range, which represents a 27% increase from $3.32.
On the other hand, if Decentraland price fails to stay above $3.32, it will confirm the increasing selling pressure. In this case, MANA is likely to retest the low range at $3.07 and potentially create a double bottom, giving buyers a second chance to bounce back.
However, a daily close below this level will create a lower low and invalidate the bullish argument described above.
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.