New Delhi: Decentraland is following the drop with other altcoins as it has slumped by 6 percent to $3.40 in the last 24 hours. MANA’s price has been in a consolidating phase after it made it above the important resistance.
However, MANA has been retracing but a 42% upward rally is still on the radar. It can only be possible as long as the token does not fall below the critical support price level of $3.28.
The Bullish upward ascent will only be on the radar as long as MANA stays above $3.28.
As per experts, Decentraland has broken into the symmetrical triangle on the 12-hour chart indicating that MANA was set to launch a new rally. The Chart suggests a 42% ascent towards the next target of $4.93.
However, MANA’s price has trended lower as it merged with the upper boundary depicted in the chart but the bullish outlook remains intact if Decentraland stays above the apex of the triangle which is $3.28.
The first in the line of resistance for MANA will be at $3.48 and it will further see the next resistance placed at $3.53. MANA will eventually face the additional hurdles at $3.85, at the 61.8% Fibonacci retracement level at $4.17, and then at the price level of $4.63.
Every move depends on the buying pressure if it increases then the token could reach its bullish target of $4.93.
On the other hand, an increase in selling pressure can take the Decentraland to find its immediate support price level at $3.28. As per analysts, if Decentraland MANA slumps below the aforementioned line of defense of $3.28 then the positive upward trend will be invalidated. The closest support level after $3.28 can emerge at the $3.14 price level and then at $2.97.