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Decentraland Price (MANA) in Upward Rising Channel; What’s Next?

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Decentraland Price (MANA) in Upward Rising Channel; What’s Next?
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Decentraland price rose 31% in the current month and the positive momentum is still intact. It displayed a bullish continuation pattern and rose upward by higher high swings. 

MANA price is trading inside the upward-rising channel and the dominance of buyers is clearly visible. The 50-day EMA is acting as a strong support and price sustaining above both the averages. It showcases that the short-term trend as well as the positional trend is in an upward direction. 

Decentraland price performed quite well in the last few months and rewarded its short-term investors. Moreover, the buying volume also increased and the price reacted to it positively. It indicates the participation of big investors who have accumulated MANA from lower levels. 

At present, buyers are trying to break the $0.6000 barrier, but sellers are also available and trying their best to give a rejection. 

The confirmation of the breakout is still awaited so investors need to be careful to build to further longs. Currently, the pair of MANA/USDT is trading at $0.5697 with an intraday uptick of 1.61%.

Will Decentraland Price Hit New Swing Highs in January?

Decentraland Price (MANA) in Upward Rising Channel; What’s Next?
Source: MANA/USDT daily chart by Tradingview

Decentraland price prediction is bullish for the short term as well as for the long term. The buyers look more active and aggressive, so more upside seems to be pending. 

Presently, the price is facing resistance at the $0.6000 level and forming an inverted hammer candle. So, until buyers succeed in taking control over the $0.06000 supply zone, it will be difficult for the buyers to hit new swing highs in January. 

The analysis suggests that the MANA crypto might retrace down and retest the EMA before hitting the new swing high. 

The Chart Pattern of MANA is Bullish; What’s Next?

The chart pattern of MANA is bullish and no signs of big correction are visible. However, the short-term profit booking is possible. Investors might look for buying on dips opportunities, which will give a better risk-reward ratio. 

However, conservative investors should wait for the confirmation of the breakout to build longs. Else, if the price faces rejection they might get disappointment.

Conclusion

Decentraland price prediction suggests the bulls are active and more upside is possible. The chart pattern of the MANA crypto favors the bulls and suggests it holds the 50-day EMA the correction may get absorbed.

Technical levels
  • Resistance levels: $0.6504 and $0.7000
  • Support levels: $0.5001 and $0.4520
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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