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- After surging more than 500%, MANA falls for a correction in a gully.
- Since the past week, MANA has shed more than 24%
- Decentraland’s MANA could witness a 35% breakout once it retests itself.
In a market full of bull rallies, there’s always room for correction. One such token that has gone through the reds after explosive greens happen to be decentraland’s metaverse altcoin MANA.
After being up by more than 500%, the token has more than 38% since it’s all-time high.
Created especially for content creators co-founded by Ariel Meilich & Esteban Ornando, the token limits itself to 21 Billion MANA. In the last days of October, the token witnessed a massive rally of more than 500% and achieved its all-time high of $4.69. However, the token soon started trading sideways and is currently trading at $2.87 at the time of writing & has a market cap of over $5 Billion.
According to experts, the token has cooled off its hot streaks & is currently trading between Fibonacci levels of 61.8%, 50% and 38.2% with its higher lows and lower highs triggering a sell-off. As a narrowed standard deviation & weak momentum of the token continue, MANA is expected to continue to fall off the wedgie ride
As MANA keeps retesting the bandwagon of Fibonacci levels of 38%, there exists a potential breakout bull rally of 35% in the array. Such a breakout would send MANA to above 61% of cumulative growth.
On the other hand, according to a few analysts, if MANA continues to crash below $2.19 it is expected that traders would trigger another sell-off protecting themselves. In such cases, MANA’s next bandwagon could be $1.28 – $1.41.
In the end, Traders expect a gradual stall of the token over the coming days, The recent relative strength index showed signs of easing from overbought levels of the token. It is also assumed that once decentraland’s token retests the Fibonacci levels, MANA could witness an uptrend. In all cases, most analysts believe that stop loss should be limited to $2.19 as the token could quickly derange itself of value from that point onwards.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
