Decentraland (MANA), one of the metaverse coin projects, could provide a ‘buy’ opportunity before buyers make a comeback and trigger a small rally, according to analyst Akash Girimath. The analyst points to a critical low for a reversal to occur. Here are the support levels that can trigger the rally…
Metaverse coin awaits comeback
Decentraland price is down 27% from its ATH level of $5.89 to where it is currently trading at $3.58. This decline was the result of the market crash witnessed on December 4. While the recovery has been rapid, the buyers’ momentum seems to be running out, leading to another downtrend. This correction could present an opportunity for a quick long position if the MANA bounces from the 79% retracement level to $3.19. The analyst thinks that the emerging Decentraland price action will most likely push the MANA price to cut $3.48 and the next one to appear at $3.71. A climb from $3.19 to $3.77 would represent an 18% rise. However, if buying pressure builds, Decentraland price could rise to retest the midpoint of the trading range at $4.18, marking an overall gain of 31%.
Akash Girimath, whose analysis we share as Somanews, says that this bullish setup is dependent on the MANA price from the 79% retracement level to $3.19. If buyers fail to break through this hurdle, traders can expect MANA to continue to slide low at $2.47. Then the bulls can bounce back from there, but if Decentraland price produces a lower low below that, the bullish thesis will be invalidated.