Indicators show MANA has breached support with a positive outlook for near term price gains. Resistance of $2.30 needs to be hit before bulls reinvest into a price surge to $3.00. Producing a positive gain of 15% for investors.
The last 7 days have been bitter-sweet for Decentraland (MANA). After initially falling, the coin has started to gain some upward momentum albeit it hasn’t been that much. But an RSI reading suggests that a potential bull run is possible. Here are the main facts:
- RSI readings show MANA is now oversold, suggesting the risk of a major sell-off is low.
- With limited downside risk, MANA could bounce back steadily in the near term.
- The coin could surge by 50% in this bullish setup.
Data Source: Tradingview
How can MANA smash $3?
The recent uptick in bullish momentum has not been that huge. But it has been enough to bring MANA above a crucial support zone of around $2. Bulls have done quite well to keep the price action above this. As the price consolidates, we expect it to push further towards the overhead resistance of $2.3.
The Relative Strength Index or RSI appears to suggest that this is actually more likely. You see, in recent days, RSI readings have moved towards the oversold territory. This basically suggests that the risk of any major sell-off as far as MANA goes is very low.
As a result, the only way is up. If indeed MANA is able to breach overhead resistance at $2.3, then it is a matter of time before it reaches $3. The biggest challenge however will be to maintain the price action above $3.
How can investors profit from this bullish setup?
There are two ways to profit from this MANA bullish setup. First, you can buy above the $2 support. As the token tests $2.3, you can either exit or bet on it, hitting $3. Either way, a run towards $2.3 still makes you 15%.
Secondly, you can wait for the coin to breach overhead resistance at $2.3. MANA will likely surge to $3 after that, delivering gains of around 25%.
Investors Continue to Drive LAND Plots Higher
Decentraland land map shows continued interest is purchasing LAND plots in the Metaverse. Price growth is steadily increasing to over 4 ETH as investors and corporations continue to grab plots.
Recent purchases are averaging $12k and up, purchase data shows a plot was bought for approximately $21K. Current prices make owning it more expensive than an actual physical real estate. If you do purchase NFT metaverse land, make sure to consider the risks and follow safe crypto practices.