MANA Price May Double As Decentraland Enters a Buy Zone

Briefly –

• MANA price retracement might be ending as the metaverse token nears the buying territory in the $3.11 – $3.64 range.
• A fall into this region may reverse the asset’s downtrends and catalyze a 107% surge to $7.50.
• Breaching the $2.46 range low will annul the bullish narrative.

Decentraland price maintained a downwards trend over the past few sessions. However, the situation seems to be near an end. That is because of a buy region that boasts a high probability of reversing the downtrends by the metaverse crypto.

Decentraland (MANA) Ready for a New ATH

Decentraland has seen its price declining by 26% from 24 November to 26 November, and it seems like the downtrend might continue slightly lower. That will see MANA hitting the 50% retracement zone at $4.01. Such a breakdown will have the crypto dipping into the buy zone that extends in the $3.11 – $3.64 range.

This zone has had higher chances of reversing the trend. That way, market participants many expect MANA to witness a considerable rise in buying strength in this region. If the altcoin bounced from the buy region, it would trigger an upsurge that will erase the recent gains. After that, MANA can target to touch the ATH at $5.90.

MANA will not pause its upswings at its current ATH but rally high to the 100% FIB extension zone at $6.31. A massive bullish scenario can witness Decentraland surging to 161.8% FIB extension at $7.50. Such price actions will mean a 107% surge from $3.65, and MANA will record another all-time high.

On the other hand, if MANA fails to trigger a bounce off this buy area ($3.11 to $3.64), it will mean sellers’ dominance. Such a case may translate to MANA retesting the $2.46 range low. However, buyers can register another comeback at this level. Nevertheless, a daily candle close under this area will form a lower low, invalidating the bullish case.

Meanwhile, analysts believe that MANA has a brighter future. That is due to the metaverse concept that might dominate the globe soon. With that, the altcoin has a chance to hit higher levels with time. Stay around for incoming market updates.

By Ira Lichi – shutterstock.com

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