Decentraland (MANA) Technical Analysis: Price Prospects in the Short Term

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Decentraland may offer investors an opportunity to save before the uptrend begins. It seems likely that the emerging uptrend will push MANA to a new high.

Significant Levels in MANA Price

Decentraland (MANA) price traded in the price band of $3.07 to $4.24 after the market decline recorded on December 4. Since this range was formed, MANA has created lower lows that indicate diminishing bullish momentum but the selling pressure has not allowed the price to move higher.

As of now, Decentraland price has tested the 79% retracement level of $3.32 for the second time in the past three days. This test is well below its midpoint and is considered MANA’s opportunity price. Although the MANA price has surpassed this level, it has yet to gain momentum to create buying pressure. MANA price could retrace the $4 flag if the momentum is fully captured.

Fall and Rise Prospects

However, the $4.24 area can be visited in the ongoing bullish pressure. On the other hand, if the MANA price moves below $3.32, the sell signal will be confirmed. In this case, MANA could possibly retest the $3.07 price. Revisiting the area would potentially create a double bottom, giving buyers a second chance to return, experts say. However, a daily close below this level will create a lower low and invalidate the bullish argument described above.

Decentraland is known as one of the prominent projects in the Metaverse field, which has gained popularity recently. The MANA price was trading at around $0.08 earlier this year. Such an increase in a short time explains the hype in the metaverse universe.