MANA has dramatically broken out of the slump to levels not seen in over a year. What’s behind the surge? Where is MANA heading? Key indicators show recent positive price movement to offer a little breathing room. Investors are jumping back into the altcoin markets in projects with viable uses. Watch out for the head fake; tread cautiously!
Decentraland price keeps zooming in after breaking the $0.7 resistance level to the $0.8 psychological level. Like other tokens in the metaverse, the MANA price has been soaring, recording 160% gains since the start of the year. Other metaverse tokens such as Zilliqa (ZIL), the Sandbox (SAND), and Apecoin (APE) have also been rising as investor interest turns to such crypto with actual use cases.
What does the technical setup look like for Decentraland?
Decentraland Price Prediction – Key Levels To Watch
After finding support from the $0.0285 support floor, MANA began an upward trajectory rising as much as 160.2% over the past 14 days to brush shoulders with $0.75. This signifies a fierce fight between the buyers and sellers as the bears focus on regaining control. At the time of writing, the altcoin was trading in the red following the appearance of Doji still on Monday’s daily chart.
The Relative Strength Index’s (RSI) value at 90 illustrated how massively overbought Decentraland was, suggesting the recent bullish momentum may soon run out of steam. As such, there may not be many buyers to sustain the higher levels, occasioning a retracement.
Also Related: Compare MANA price action on the downtrend
As such, if bears have their way, the price may turn down from the current levels, with the first line of defense arising from the $0.65 psychological level. Additional support lines may emerge from the 23.6% Fibonacci retracement level at $0.62, the 38.2% level at $0.567, and the 50% Fibonacci at $0.522.
Lower than that, the 50-day exponential moving average (EMA) at $0.487, the 70% retracement level at $0.452, and the 100-day EMA at $0.418 would bring solace to the price before going the full retracement toward the $0.285 support floor.
MANA/USD Daily Chart
On the upside, the upward movement of the Moving Average Convergence Divergence (MACD) indicator reinforced the bull’s grip on the MANA price. As such, if more buyers enter the market at higher levels, they will push the Decentraland price to record higher highs.
If they succeed, MANA will overcome immediate resistance from the 200-day EMA currently sitting at $0.70 to confront resistance from the local high at $0.745. Overcoming this level could see a higher move toward the $0.879 level embraced by the -23.3% Fibonacci retracement level. Such a move would constitute a 24% increase from the current levels.
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