Decentraland (MANA) has its correction rally in a flag setup. The metaverse coin remains trapped within the pattern and has dropped about 50% of its price so far. Meanwhile, long traders may have to wait for a breakout from the upward trend-line for a lucrative long entry signal.
Vital Technical Points
- 100-day EMA offers massive support to the altcoin.
- ADX slope indicates a substantial fall in MANA’s price.
- The daily trading volume stands on a 13.9% drop at $344.9 million.
MANA/USD has strived to recover after the 5 January crash in the global crypto space. Nevertheless, buyers failed to keep the price at higher zones, and the asset plunged back towards the 0.168 FIB retracement area (2.61).
Meanwhile, the technical chart indicated a flag pattern formation in 24hr timeframe. The setup shows a near-term resting period for SOL before continuing its upward rally.
Maintaining its price beyond the 100EMA and 200 Exponential Moving Average confirms a bullish bias. Nevertheless, the 50- ad 20-EMA lines might act as resistance levels.
The daily-Stochastic Relative Strength Index highlights recovery signals from the oversold area. The indicators show multiple bullish crosses between the D and K lines moving towards higher zones.
MANA 4Hr Chart
For now, MANA has its price wavering at $2.97, with a 1.03% intraday loss. Crypto fans may have to be patient until the alt presents a massive breakout from the immediate resistance, offering a lucrative entry opportunity for cryptocurrency traders. Meanwhile, the average DMI (13) indicates a downside slope, conforming to the losing selling pressure.
According to the traditional pivot zone, the MANA price has an overhead resistance at $3, then $3.36. On the other hand, support zones stood at $2.6, then $2.2.
For now, crypto experts remain bullish on MANA price. They believe the metaverse token might see an upward move towards $5.5 after overpowering a flag pattern. Nevertheless, the altcoin may depend on overall market sentiment for directional bias. Meanwhile, analysts favor bullishness in the crypto spectrum as far as 2022 is concerned.
What are your thoughts on MANA? Will the metaverse crypto accomplish its upside targets? You can leave your reply in the section below.
Editorial credit: Ira Lichi / shutterstock.com
