- MANA shows reversal signs after the $2.93 swing low on 15 December.
- Decentraland required a higher high beyond $3.65 to confirm this bullish narrative.
- Breaching the support floor of $2.93 will cancel the bullish outlook.
Decentraland (MANA) has consolidated inside an increasingly constricted range for over two weeks. Nevertheless, buyers appear to crawl from the woods, indicating an appetite for the increased price of MANA.
Decentraland Price Ready or More Gains
MANA price has presented four lower highs and three lower lows since 6 December, authorizing steady downtrends. Nevertheless, tides are turning for Decentraland after the metaverse coin formed a swing low around $2.93 on 15 December. Though the crypto has seen two higher highs, the MANA price requires a 4hr candle close beyond $3.65 to harden the upward stance.
With that, Decentraland will confirm bullish dominance and propel the token towards retesting the hurdles at $4.01, then $4.21. That would represent a 15% upsurge from levels of $3.65 and a 28% ascent from MANA’s current price of $3.28.
The GIOM model supports the bullish onset for MANA price as it indicates the next obstacle stands in the $3.57 – $3.92 range. About 11,511 addresses that bought 162,820 MANA tokens at $3.75 average price remain ‘out of money.’
These levels match with what technicals suggest. Despite the bullish stance, MANA’s upward journey is not without challenges. The monthly MVRV model hovers at -22.6%, supporting the possible uptrend. The indicator shows the average loss/profit for investors that bought MANA in the last 30 days.
The on-chain metric shows most near-term holders sustain losses at MANA’s current price levels. Surprisingly, long-term investors accumulate at these value areas, suggesting a possible bullish move for Decentraland.
As everything appears to back MANA’s rally, failure to surge beyond the $3.65 obstacle will confirm weakness. Such a development might witness Decentraland crashing to retest the support floor at $2.93. Buyers will have another chance here to launch a comeback.
A 4-hour candle close under $2.93 will form a lower low, nullifying the bullish narrative for MANA. Decentraland bulls should step up to overpower the overhead resistance for dependable surges. Broad market support is vital for MANA to conquer upside obstacles.
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