MANA Price Prediction - Decentraland May Resume Bullish After Retracement
Key Highlights of This Price Analysis
- MANA remains one of the biggest gainers in December, recording a significant amount of increase.
- If Decentraland price fails to keep the momentum in pace, a quick retracement could run in the market shortly.
- Though, MANA is still looking good for more future growth as the bullish momentum remains untouched.
Key MANA Price Levels
|Key MANA resistance levels||$0.038, $0.042, $0.050|
|Key MANA support levels||$0.030, $0.026, $0.023|
*Price at the time of the writing
MANA Long Term Price Prediction: Bullish
Decentraland is an ERC-20 token built on Ethereum blockchain, which allows users to create, experience and monetizes contents and applications. Using MANA allows one to purchase plots of land through virtual platforms, a real-estate token based on 3D interactive just like BNB.
However, MANA has seen a consistent increase over past weeks, becoming one of the top performers and gainers this month. Though, the momentum on MANA exchanges is a bit weak over the past 24-hours. The MANA price may increase to $0.038, $0.042 and $0.050 resistance in a couple of days if buyers keep sustaining pressure. Otherwise, MANA is likely to run a retracement before resuming the rally.
The key important support to watch is $0.030, followed by $0.026 and $0.023. Nevertheless, the bullish trajectory remains valid for now. More so, the technical indicators are currently in the positive zones, keeping traders abreast of more price gains. Above all, the recent breach above the red regression line and most especially the white horizontal support area shows that buyers are fully in play.
MANA Medium Term Price Prediction: Bullish
MANA has continued to position the market in an upward range on the medium-term perspective.
Meanwhile, the sellers are showing interest in the trading but it appears supply is not enough to outweigh demand at the moment. Still, MANA has seen s slight dropped to where it's priced at $0.034. Though, the market is following a wedge pattern.
A further loss may allow the token to decrease to $0.031 support. Decentraland may further reach $0.028 and $0.026 if the wedge breaks down.
Notwithstanding, the buyers are still very much gaining dominance. If they can reclaim $0.037 resistance, the next buying target lies at $0.038 and $0.039. However, a look at the technical indicators suggests that the MANA has not finished the pullback at the moment.
MANA Short Term Price Prediction: Bullish
The short-term bullish trajectory remains valid but Decentraland appeared to be footing a downward trend at the moment. The buyers are also running out of momentum. Currently, MANA is forming a head-and-shoulder pattern. It may cause a devastating price drops if the right shoulder completes.
In anticipation, the potential support to keep an eye on is $0.0317, $0.030 and $0.029. As shown on that technical RSI and MACD indicators, Decentraland is already turning downward to reflect an incoming bearish. If the forming head-and-shoulder pattern fails to complete, MANA is expected to continue buying at $0.0.035, $0.0365 and perhaps $0.038 resistance in no time.
The Bottom Line About MANA Price Analysis
MANA has gained four weeks momentum, now showing weakness after facing rejection around $0.038 yesterday. If the head-and-should pattern completes on the hourly chart, the token could retrace to $0.030 before revamping upward.