Decentraland (MANA) Likely to Gain another 15% – Price Analysis

  • MANA price overpowered a 3-day resistance zone at $2.57, suggesting uptrends.
  • Decentraland seems ready to surge 15% to $3, matching the 50-day Simple Moving Average.
  • Violating the support barrier at $2.06 will cancel the bullish trend.

Decentraland (MANA) saw a colossal rebound within the past week. That had the metaverse crypto challenging the bearish regime. The recovery rally appears to overcome a critical obstacle, and the uptrends seem to persist. Let us analyze the metaverse token and its price actions.

MANA Price Ready for Recovery

MANA price recorded a 35% decline following a failure to maintain beyond recently violated plunging trend-line on 16 January. The resulting fall came as holders sold their MANA reserves, plus panic selling amid BTC’s flash crash.

Meanwhile, MANA price looks to have printed a base near the barrier at $2.06 to reverse the downswings with a nearly 27% bounce within the last nine days. For now, the uptrend faces a three-day resistance area around $2.59, the level it appears to overpower during this publication.

If the coin flips this area into its support, it will magnify the chances of continuing the uptrend. However, the crypto should overcome $2.59 and rebound from the same barrier. With that, market players may expect MANA to record another 15% upsurge to hit a weekly resistance zone near $2.91 or 50-day SMA at $3.

Another case highlights the potential of rejection around $2.59, translating to a retracement towards $2.20. A bounce here might catalyze a 33% climb in Decentraland price, retesting the psychological zone of $3.

Though things appear lucrative for MANA price, failure to overcome the resistance zone at $2.59 will mean the uptrend running out of steam, welcoming possible pullbacks. Nevertheless, MANA buyers may regroup at $2.20 support to contemplate another run-up.

Nevertheless, a daily candle close beneath $2.06 will form a lower low, canceling the bullish narrative. In such cases, MANA’s price might revisit the foothold at $1.49.

For now, Decentraland bulls need to ensure actions beyond the $2.06 foothold. That can support upswings for the token to realize its upside targets. Meanwhile, MANA’s road with fewer obstacles is the upside.

Stay tuned for the latest news in the crypto world.

Editorial credit: David Esser / shutterstock.com