Decentraland (MANA) To Catch Breath before Revisiting $3
- MANA price gained 14% but met challenging resistance near $2.54, translating to a downside correction.
- Enthusiasts may expect Decentraland to hit $2.29 before trying to topple $3.
- A 4hr candle close beneath $2.20 will annul MANA’s bullish thesis.
Decentraland (MANA) displays weak momentum following a rally within the past week, translating to a correction. The pullback seems essential before the Metaverse token register further uptrends. However, bears might emerge to ruin the game.
MANA Price Ready for Massive Surges
Decentraland had its price-setting a range between $2.22 and $2.53. That came after MANA gained 15.17% from 14 March to 17 March. A bullish uptick accompanied the move, allowing Decentraland to sweep its highs.
Though optimistic, the upward move could not be steady beyond $2.54 and triggered correction. For now, MANA trades around the $2.40 mark and shows that the pullback might go deeper. MANA will likely reverse the downside trends after hitting a 70.5% retracement area at $2.32.
Ideally, MANA should launch trend reversal around the $2.89 – $2.34 range. But extreme cases will see the token tagging footholds at $2.22, then $2.20, before recording a ‘180.’ Decentraland will retain the bullish stance if it prevents a decisive 4hr candle close under $2.20. Despite where the crypto kick-starts reversals, investors might await MANA to retest the psychological level at $3.
Though everything seems up for MANA, buyers should fight any emerging bears’ regime. Nevertheless, a 4hr candlestick close beneath $2.20 will cancel the bullish thesis revealed above. Overturning the $2.20 foothold into resistance on MANA daily chart will be critical since it will open the door for further drops. That scenario might see MANA crashing 32% before discovering a dependable support floor around $1.49.
Decentraland sees massive downtrends at the moment, reflecting a 3.2% 24hr drop as it changes hands at $2.40. The downtrend seems healthy before the alt kick-starts an upside move towards the $3 psychological zone. However, Decentraland should maintain its price movements beyond the $2.20 support to keep the bullish motion in play. Failure to do that will ruin the optimistic case and lead to downside actions.
Stay tuned for more updates.
Editorial credit: David Esser / shutterstock.com
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