- Decentraland has its price hovering around the buy zone that extends between $3.32 and $3.52.
- An 18% upsurge to $4.01 seems in play, and the run-up can extend towards $4.24.
- Breaching the 43.07 range low will cancel the bullishness.
For now, Decentraland's price offers sideline investors another accumulation opportunity before MANA kick-starts a rally. The resulting upsurge might propel Decentraland to register another higher high.
MANA Price at Discount
Decentraland (MANA) formed a trading range between $3.07 and $4.24 after the 4 December flash crash. MANA has recorded lower lows since creating the price range. That depicts fading bullish strength. Nevertheless, it does not confirm increased selling pressure.
For now, MANA has its price retesting 79% retracement zone at $3.32. It is the second time the crypto has done that within the last three days. Meanwhile, this retest is beneath the midpoint, showing that users can accumulate MANA at a discounted price.
A potential increase in buying momentum can emerge at this level, and it may catalyze an 18% surge to $4.01. Nevertheless, amplified bid order can have the metaverse crypto revisiting the range high near $4.24, constituting a 27% surge from $3.32.
Meanwhile, if the MANA price fails to stabilize beyond $3.32, it will confirm magnified selling pressure. That way, Decentraland can retest the $3.07 range low before triggering a double bottom mine. That would offer buyers another chance to register a comeback. However, a close below this range low will form a lower low, invalidating the bullish narrative.
On the other side, the global crypto market plunge has most digital coins in consolidation mode. Though cryptos attempted recoveries following the 4 December market plummet, bears appeared persistent. Bitcoin failed to overcome the $50K obstacle, plummeting below the level while hinting at further declines.
While writing this article, BTC trades at $48,730 with bearishness. The leading altcoin requires a decisive close past $55,000 for steady upswings. That would support bullishness in the crypto industry. Moreover, alternative coins, including MANA, will recover from anticipated downswings without hurdles.
Nevertheless, metaverse tokens have decoupled themselves over the previous sessions. Will MANA escape the broader market bearishness to record a new high? You can share your views below.
