Decentraland Analysis: MANA Following Rising Channel Pattern For the Bullish Target of $0.21

  • Decentraland trading in the rising channel pattern, while creating a bullish trend for upcoming trading sessions 
  • The pair of MANA/BTC is trading at 0.000004279 BTC with a fall of -9.95% in the last 24-hours
source:tradingview

On the 4-hour chart, Decentraland (MANA) is creating an uptrend channel; also a breakout is observed after testing its resistance level. MANA is situated on the 96th rank, and it hit an all-time high of $0.2889 on January 09, 2018 (3 years ago), still, it is down over -46.18% from its record high. Meanwhile, MANA gains over +1872% from its all-time low of $0.007883. Similarly, the level of $0.2016 is recorded as 52-week high. Likewise, the level of $0.01405 is marked as 52-week low. The level of $0.15 can be considered support on a shorter-term time frame. However, in any condition, the level of $0.15 breach then another support is placed at $0.14. 

support:tradingview

Decentraland is trading above 20-Exponential Moving Averages (EMA), and it will be acting as healthy support on the downside. Presently MANA is trading at $0.1575 levels with an intraday gain of +0.85%; the coin records its intraday low of $0.1507, which can be considered support on a daily chart. Meanwhile, $0.1650 can set the resistance on a daily chart. The volume recorded is $79,587,238, which drops over -2.59% in intraday, while the total market capitalization increased by 0.67% stands at $240,178,473. If Decentraland manages to follow this pattern, then the levels which can be expected in the upcoming weeks are $0.18 and $0.21 

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Support levels: $0.15 and $0.14 

Resistance levels: $0.17 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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