- MANA price bounces off the daily demand region that extends between $2.20 and $2.82, hinting at upswings.
- Decentraland will meet the weekly resistance zone at 43.26 and liquidity beyond $3.39 on the upside journey.
- Breaching the demand region’s bottom limit near $2.20 will form a lower low, canceling the bullish case.
Decentraland (MANA) appears to retest a critical support levels confluence that might catalyze upward price actions. Nevertheless, the metaverse crypto will encounter several obstacles in its bullish rally.
MANA Plans to Rise Higher
MANA price retested a bear trend-line twice since 29 November 2021, the $5.24 swing high. The alternative coin also rebounded from the daily demand area, extending between $2.20 and $2.88 4-times since 16 November.
With that, Decentraland price looks to consolidate between a declining trend-line and massive support. Currently, the alt bounces off the highlighted daily demand territory and 100-day SMA at $2.82. Therefore, the anticipated upside move might catalyze a 10% surge towards the weekly resistance zone at $3.26.
Market players may expect Decentraland to spike high and gather liquidity above $3.39, translating to a total of 15% gain. Though unlikely, a highly bullish scenario would see the token retesting 50-day Simple Moving Average at $3.63.
MANA/USDT 4Hr Chart
MANA’s failure to maintain beyond the 100-d Simple Moving Average at $2.82 will show weakness despite the bullish picture. Magnified selling momentum that knocks the alt to form a 4hr candle close under the mentioned demand area’s bottom limit of $2.20 will print a lower low. Such a case will print bearish favoritism and cancel the bullish picture for MANA price.
For now, digital coins seem to launch uptrends following the latest downswings. Bitcoin is on an uptrend, hovering around $42,785 at this publication. That had most assets going green over the past 24 hours.
Furthermore, cryptocurrency analysts still trust 2022 will mean massive bullishness in the crypto world. Also, some experts believe Bitcoin was around its bottom, contemplating upswings. Has the upside party begun?
What are your views on MANA and the crypto markets? Feel free to leave a reply in the comment area below.
Editorial credit: David Esser / shutterstock.com