- Decentraland price hovers near the support at $3.16 and has touched the level for the third time.
- A rebound off this footing might be vital to catalyze a 22% upward move toward $3.96.
- Failure to keep the support floor at $3.16 will ruin the optimistic outlook.
Decentraland (MANA) stands at an inflection zone and might witness a massive upward price move. However, the upward rally relies on how the altcoin rebounds off its current support barrier. Nevertheless, bullish market participants await an upside by MANA.
MANA Price Appear Ready to Move
MANA has had its price wavering near the support floor at 43.16 for almost one week. So far, the metaverse token has tagged this barrier thrice, resulting in a triple bottom pattern. The bottom reversal setup plus the token’s consolidation indicates that MANA price is ready to undergo an explosive upside move.
The resistance barrier at $3.43 is the first hurdle to confront Decentraland in its northward journey. Overcoming this challenge will allow MANA buyers to jump on the bandwagon, propelling MANA towards $3.65.
If buying momentum continues to hold after a successful move past $3.65 by the metaverse token, MANA will open the door to a higher level, exploring the psychological level at $4. That way, market players can capitalize on this opportunity with long trade at MANA’s current price zone and book profits around the $3.65 mark.
On the other side, the MANA price might fail to rebound from the support level of $3.16. If the selling strength amplifies, it will push the alt to form a 4hr candle close beneath $3.16. That will result in a lower low. Shattering this barrier will cancel the bullish outlook by the triple bottom setup. With that, Decentraland will see a 4% drop towards $3.01.
For now, MANA’s future price action depends on how the token reacts around the $3.16 barrier. A rebound will translate to a 22% upsurge towards $3.69. However, violating the mentioned support floor can trigger plummets for the coin. Meanwhile, analysts believe MANA is ready for upswings. Moreover, the token might see lucrative upswings as the metaverse concept goes mainstream.
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Editorial credit: Dennis Diatel / shutterstock.com
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