After hovering around the $1 to $1.10 range, Decentraland’s MANA finally makes a move
Today in the morning, the price of Decentraland‘s currency flipped the bearish divergence and initiated a recovery to gain the lost positions. The price appears to have consolidated well before a leg that could rally the price upwards. The ascending trend line was broken just a moment ago and the rally headed strongly towards the north.
And it’s about time, for the past few weeks $MANA had been hovering around $1, but it, gained around 25% in the past 2 days and 15% today alone. The MACD today crossed the signal line to point out a buy signal.
The price movement pattern of this currency has been enclosed in rectangular ranges several times and after leaving the range, it always has had a strong movement. The ceiling of the rectangular range, $1.25, is a resistance, which if this resistance is broken, the movement to reach the specified targets will begin. If the floor of the rectangle goes out, and the loss range is broken, there is a possibility that the current price won’t hold.
At the time of this writing, Decentraland‘s $MANA is trading at $1.27. My first target for mana would be $3.95, then around 6$, then if you can continue with this bullish momentum, the next target would be $12. In the case of the ultimate bullish scenario, we could see MANA touching $25.
Targets are extracted using channeling price movements and expanding channels.