- Decentraland price prepares a 36% flight as bulls seem ready to battle a nearby stiff obstacle.
- MANA eyes $5 as the next target while bulls collect momentum.
- Amplified selling pressure will face massive steady support at $3.14.
Decentraland (MANA) price has consolidated after the sturdy surge towards the ATH of $5.89 on 25 November. MANA seems ready to overturn its latest downtrend as the metaverse coin nears a crucial obstacle. Slicing past the critical resistance line might reveal a 36% upswing for Decentraland.
MANA Price Targets 36% Surge
The four-hour price chart show MANA printing a symmetrical triangle formation. That has shown market players slight clues as far as the directional intentions are concerned. Nevertheless, Decentraland now approaches the primary technical pattern’s upper border. That indicates that bulls finished catching their breath, planning to launch a massive upswing.
The initial resistance MANA price to encounter is around the 50 4Hr SMA at 43.63, matching the prevailing chart pattern’s upper trend-line. Breaking past this level will see the metaverse token experiencing a 36% surge towards $5.0.
Another obstacle might showcase a 50% retracement zone at $3.85, interconnecting with Momentum Reversal Indicator’s resistance line and 200 4Hr Simple Moving Average (SMA).
Additional hurdles might emerge at 61.8% FIB retracement zone at $4.17 – the level around 100 4Hr SMA, then 78.6%FIB retracement at $4.63. The 2 December high at $4.81 might present another headwind for MANA price before Decentraland bulls target the optimistic higher aim of $5.0.
If the bullish narrative fades, MANA price will secure an immediate support level near 38.2% FIB retracement area at $3.53, then 21 4Hr Simple Moving Average at $3.49. Decentraland might drop further to secure a defense line at the triangle’s bottom border at $3.19 with amplified selling pressure.
Breaching the foothold highlighted above can trouble bulls as MANA will open the path to a 36% decline. Nevertheless, the token will have another defense line at 23.6% FIB retracement at $3.14, which crisscrosses with the Momentum Reversal Indicator’s support level.
If MANA experiences a catastrophic crash, the metaverse asset might see further plunges towards the 7 November high of $2.98.
By Ira Lichi – shutterstock.com