By Franklin Smith
Briefly–
- MANA price corrected since breaking past the prevailing chart pattern’s upper boundary.
- However, MANA maintaining beyond $3.28 will keep the $4.93 bullish target alive.
- Decentraland will encounter several challenging obstacles ahead.
Decentraland (MANA) has seen its price consolidating since the metaverse token sliced past a critical barrier by the prevailing chart formation. Although the downtrends, the asset has possibilities of a 42% upswing. However, MANA has to stabilize beyond the crucial footing of $3.28, the governing technical pattern’s apex.
MANA Price Aims $4.93
The twelve-hour price chart show MANA sliced past the symmetrical triangle on 23 December. That confirmed that the asset is ready to launch another upward rally. The prevailing chart formation forecasts a 42% surge from the breakout level to $4.93, corresponding with the Momentum Reversal Indicator’s resistance line.
Though MANA ventured into lower trends while consolidating after breaking the mentioned upper border of the chart pattern, the alt retains its bullish outlook. However, that will necessitate a stable foot above the triangle’s apex at $3.28.
Decentraland’s first resistance line locates at $3.48, the level where 50 12hr Simple Moving Average and 21 12Hr Simple Moving Average intersects. MANA will encounter more headwinds near 38.2% FIB retracement mark at $3.53, then 100 12Hr Simple Moving Average around $3.71, then 50% retracement area of $3.85.
MANA will also meet more obstacles around the 61.8% FIB retracement mark around $4.17, then the 78.6% FIB retracement area around $4.63. If buying momentum continues to rise, the alt might hit the bullish goal, exploring the $4.93 value area.
If sell orders intensify, MANA will surrender to downtrends, discovering the closest support at the governing technical pattern’s apex at $3.28. Nevertheless, if MANA losses the mentioned defense line, it will ruin the bullish forecast. Additional support might appear near the 23.6% FIB retracement of $3.14, the 7 November peak at $2.97.
Keep in mind that the crypto space is in a correction mood. Digital coins have plunged to their crucial support levels, capable of launching new rallies in the upcoming bullish run. Let us check Decentraland’s incoming reaction after approaching vital support. Stay around for updates.
Editorial credit: David Esser / shutterstock.com