By Nathan Ferguson
- Decentraland price avoided bearish regime after bouncing off the critical support floor at $2.20.
- That had MANA creating a triple bottom pattern, projecting 32% potential gains in the upcoming sessions.
- Losing the $2.20 barrier on a daily timeframe will annul MANA’s bullish case.
Decentraland price movements within the previous three months formed a bottom reversal setup. The technical pattern predicts an upcoming trend shift in bulls’ preference. That way, market participants can expect substantial gains from MANA in the up-and-coming sessions.
MANA Price Prepared for Upswings
Decentraland had its price forming a triple bottom pattern as the alt retest the barrier at $2.20 three times within the past four months. Since this formation projects rend reversals, enthusiasts may expect lucrative returns from MANA within the coming weeks.
Meanwhile, the alt had its latest $2.20 retest on 24 February. After that, MANA’s price gained 17% to its current level of $2.62. For now, the metaverse token might extend this upsurge towards the $3.42 value level. That would mean a 56% run-up from the 3rd swing low. Nevertheless, the ascent would translate to a 32% surge from MANA’s current position.
For now, market players need to anticipate optimistic price actions within the upcoming weeks. The IntoTheBlock GION model supports the bullish outlook for MANA price. The metric shows Decentraland’s nearest obstacle is somewhat weak. That means the altcoin can conquer the obstacle and tag the next hurdle without challenges.
Here, about 28,740 addresses that bought nearly 377.19 million coins at $3.13 average price stay out of money. Surprisingly, the area harbors the target from a technical viewpoint, supporting MANA’s positive outlook.
Also, transactions worth over $100,000 surging to 275 from 120 within the past month depict the trend shift to bullish from bearish. The 129% uptick shows high net investors interested in MANA, incentivizing the bullish narrative.
Though the triple bottom pattern appears lucrative, it boasts limitations. A daily candle close under $2.20 will print a lower low, canceling Decentraland’s bullish case. Such a development will ruin any upward narrative, triggering a 31% drop towards $1.49.