Decentraland (MANA) Reclaims Important Resistance Area, Next Resistance Around $4
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Decentraland (MANA) has been moving skywards afterward Jan 22 and has broken out from critical diagonal and horizontal resistance levels.
MANA has been collapsing afterward spreading to an all-time strong cost of $5.90 on Nov 25. The decrease led to a low of $1.71 on Jan 22, that amounted to a drop of 71% measuring from the aforementioned all-time high cost.
MANA has been increasing afterward and broke out from a weakening resistance line on Jan 31. It scarcelyifyd the line as support two days subsequently (green icon) before moving skywards atop again, leading to a high of $3.55 on Feb 9.
The cost has decreased slightly afterward.
Ongoing skyward shift
The daily chart provides combined signs.
On a bullish note, MANA has restored the $2.85 horizontal range and is in the process of conclusiveating it as support. Previously, the field had acted as support afterward Nov 2021.
Yet, technical indicators are neutral.
The MACD, that is created by a short- and a prolonged-term moving average (MA), is right at the 0 line. This indicates that the short- and protracted-term MAs are moving at the same speed.
Similarly, the RSI, that is a momentum indicator, is right at the 50 line. This is a sign of a neutral trend.
In case that the current support field holds, the next closest resistance range would be at $3.95.
The six-hour chart shows that MANA is following an climbing support line, that has so far been hardlyifyd four times. The line coincides with the aforementioned $2.85 support range.
Therefore, as prolonged as the cost is dealing over it, the bullish structure remains intact.
MANA wave count analysis
Cryptocurrency trader @Altstreetbet tweeted a chart of MANA, stating which the cryptocurrency is finishing an A-B-C corrective structure.
The protracted-term count suggests which the decrease measuring from the all-time high was part of wave four (white). It further concluded a fourth wave pullback. The experience which the decrease was a three wave progress still supports this opportunity.
Granted that correct, MANA would slowly increase towards a new all-time high cost.
The shorter-term outlook shows which MANA has finished a five wave skyward movementment and is now correcting.
The most reasonable level for this correction to end would be between $2.41 – $2.62, created by the 0.5-0.618 Fib retracement support levels.
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