Decentraland (MANA) recently broke above its previous all-time-high! Will the bull run continue or will it experience a dump soon? Read more to find out!
Decentraland (MANA) is gaining a lot of attention lately, as the price is making highs.
Decentraland is a metaverse project, built on the Ethereum blockchain. Its users own LANDS, where they can actually live a life in virtual reality. They can constantly interact with other users in multiple ways. For example, they can trade digital assets in the form of NFTs.
In this article, you will see the native token of Decentraland, i.e. MANA, valued against the USD and BTC in multiple time frames.
MANA/USD on a Weekly Chart
As evident through the chart, MANA rises quickly in a weekly time frame. Most gains are made in a matter of a few weeks.
As you can see, it also tends to come down after touching the high, towards the previous base.
Plotted on the right are the Fibonacci levels, measured from the top in March 2021, to the bottom in May. The price is now approaching the 1.618 level, which could act as a ‘logical’ resistance area.
MANA/USD on a Daily Chart
Here you see MANA more zoomed in, on the daily chart.
There are a few points marked:
1: The bottom in May, after a massive drop for the crypto markets in general.
2: The shake-out of more hodlers around the same spot in June.
3: A successful retest of May's bottom in July.
The Fibonacci levels plotted on this chart are from the bottom to the top at the end of October. After that top, MANA pulled back to the Golden Pocket zone. That is the zone between the 0.618 and 0.65 levels. In a strong uptrend, that zone is considered a good buying opportunity. As you can see, it indeed was.
After the bounce there, the 0.5, 0.382, and the 0.236 Fibonacci levels were flipped into support by MANA. After these bounces, MANA almost perfectly reached the -0.236 extension level, where it retraced from.
If MANA remains bullish, it should hold the current levels and start the next leg up afterward.
MANA/USD on a 4H Chart
The 4-hour chart shows the strong uptrend of MANA, with higher highs and higher lows.
The EMAs (Exponential Moving Averages) are set at 21, 50, 100, and 200. These levels also show a strong uptrend while providing support for the price.
MANA should flip the level marked on the chart for continuation. If it rejects that level and makes a lower low, the market structure would turn in favor of the bears.
MANA/BTC in a 4H Chart
On this chart, we are observing MANA again in a 4-hour time frame but now valued against Bitcoin.
The Fibonacci levels are plotted here from the bottom to the top at the end of October. Where MANA on the USD chart still needs to flip the top into support, it seems to be finding support here on the Bitcoin chart.
The EMAs on this chart are the same and are also the carriers of the price right now.
It seems like there is more gas in the tank for MANA!
Summary
Decentraland (MANA) is doing really well lately.
The weekly charts show that the token rises quickly making good gains for the investors.
The daily charts show that MANA rose a lot by the end of October. It pulled back to the golden pocket level and has been making higher highs and higher lows ever since.
The 4-H chart suggests the same. A strong uptrend, until the bears would be able to make a lower low.
Keep in mind that all of the above are solely the writer’s thoughts. Never take anything for granted and always do your own research.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
