Altcoin NewsCryptocurrency News

Decentraland (MANA) Price Prediction: MANA Bounces 200 EMA AT $2.37, Looks For 60% Upside

Decentraland (MANA) price has broken its long-term downward spell on Tuesday. Amid a recovery rally, the gains were carried on Wednesday also. Improved risk sentiment after modest initial sections by Western nations on Moscow helped riskier assets to hold some ground.

  • Decentraland price edges higher on Wednesday.
  • Price moves inside rising wedge pattern to take make 60% upside risk.
  • A breakdown of the $2.37 support level could prove bulls wrong.

At the time of writing, MANA/USD is trading at $2.69, up 1.85% for the day. The 16th largest cryptocurrency by market cap held 24-hour trading volume of $965,542,595 as per the CoinMarketCap.

MANA looks for another leg up

Source: Trading View

On the daily chart, Decentraland (MANA) has observed an ascent of 108% from the lows of January 22 at $1.71. The current price action has multiple hurdles and investors met the supply zone near $3.39 and is currently looking for a new leg up.

As the price moves inside the ‘rising wedge pattern, which is a bearish continuation pattern could see a new rally be on its way, firstly MANA must surpass the 50-day EMA (Exponential Moving Average) at $2.90.

Anticipating the Decentraland price continues to ascend from the current levels, it could climb nearly 20% before meeting the upside filter at $3.90.

On the flip side, a breakdown of the $2.40 support level that coincides with the rising trend line of the rising wedge formation will suggest that the buyers are unable or unwilling to participate further. Furthermore, a daily candlestick close below $2.03 will invalidate the bullish thesis.

In this scenario, MANA could crash lower, retesting the $1.70 barrier.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 45 below the moving average line.

MACD: The Moving Average Convergence Divergence (MACD) falls below the mid line with a bearish bias.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button