Decentraland (MANA) Awaits Breakout Of Channel, Will Bulls Push It Past $1.00?

  • MANA price has risen over 15% the last week
  • MANA Price has been held up by the 100MA
  • MANA has formed an ascending channel

MANA Eyeing $1?

Decentraland (MANA) has been underperforming the market over the last month. Although prices have successfully risen nearly 100%, ETH has been outperforming MANA since the bottom hit on July 20th. Decentraland defines itself as a virtual reality platform powered by the Ether blockchain that allows users to create, experience, and monetize content and applications . This use case has been gaining a lot of traction over the last month as NFTs have exploded in value & interest. Soon MANA should catch up with the rest of the market & move higher.

Over the last month, MANA has been respecting an ascending channel that has held price stable throughout its uptrend. Each time price has attempted to breakout of its channel, it has gotten pushed to the other side. This shows there is an equal amount of buyers & sellers and until a trend is broken, MANA price will sit tight in its uptrend.

At the time of writing, MANA price is attempting to break its major resistance zone of $0.99-$1.04. If this is successful, MANA will be clear to run towards its given targets of $1.14 & $1.23.

MANA Price Analysis: MANA/USDT 4 Hour Chart

TradingView Chart

MANA price has been holding its major support of $0.93 for some time now. As long as this continues, MANA should attempt a break of its major resistance zone. In the case bears assert more dominance & MANA fails to hold this support, price may be in trouble. Around this support lies the bottom trend of its channel along with the 100MA. If price fails to hold both of these marks, MANA price will likely fall to $0.85. The 100MA has acted as support for many weeks & a break below will likely turn the trend bearish.

  • While looking at the Stochastic RSI, we can see strength has recently started dropping towards the oversold region. Strength must hold the 50 value to keep MANA price in a short term bull trend. A break below the 50 value will likely cause a fall to the bottom of the channel.
  • While looking at the MACD, it’s giving a slight bullish bias. As long as the MA’s can stay over the 0 value, MANA will stay in a bullish state.

MANA Intraday Analysis

  • Spot rate: $0.967
  • Trend: Bullish
  • Volatility: Medium
  • Support: $0.931
  • Resistance: $0.99

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