- MANA price flipped the resistance barrier at $2.57 into support, confirming a bullish case.
- Market players may expect Decentraland to climb and test 50-day Simple Moving Average and $3 weekly resistance confluence.
- Losing the barrier at $2.44 will form a owe low, canceling the bullish narrative.
Decentraland (MANA) seems prepared for a swift upward move after the metaverse token flipped a critical hurdle into a footing. For now, market participants may see MANA extending its upsurge until another massive obstacle emerges.
MANA Price Ready for Higher Highs
MANA price formed two swing peaks beneath the $3 mark on 20 January and 1 February before retracing within no time, translating to a colossal downswing. As the coin rose from the downtrend, it overturned the resistance at $2.57 into its support, signaling buyers’ resurgence.
That way, market players may expect MANA to extend its upside actions. Bulls’ next target stands at the $3 weekly resistance and 50-day SMA. Buyers need to step up for Decentraland to hit levels above $3. With that, the alternative coin will surge towards the 100-day Simple Moving Average at $3.23, translating to a 20% total gain.
IntoTheBlock’s GIOM mode supports MANA’s ascent. The index shows that nearly 30,150 addressed that bought 290 million Decentraland tokens at $3.12 average price remain ‘out of money.’ Therefore, any near-term upside might encounter challenges as these holders try to break even. Furthermore, the level almost matches the target from a technical viewpoint.
Further supporting the bullish outlook for the metaverse coin is the drop in exchanges supply. MANA had its exchange balance plummeting to 789 million from 796 million. The 7 million outflows indicated confidence by investors as far as Decentraland price performance is concerned. Moreover, these individuals seem to trim their holdings soon. Such cases support MANA’s upward move beyond $3, targeting Liquidity above this level.
As things appear lucrative for MANA price, breaching the support zone at $2.57 will ruin the optimistic theory. Meanwhile, a 4hr candle close under the 3 February swing low of $2.44 will print a lower low, undoing the bullish narrative.
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