- Decentraland’s price is bracing for a 36% increase as traders brace for a difficult hurdle nearby.
- MANA is targeting a target of $ 5 below as traders strengthen.
- The main support is $ 3.14 if the selling pressure increases.
Decentraland price consolidated after its massive run to an all-time high of $ 5.89 on November 25. MANA appears poised to escape its recent downtrend as it approaches a critical hurdle. Cutting above the crucial resistance line could release a 36% profit for the token.
Decentraland price points to 36% increase
Decentraland price printed a symmetrical triangle pattern on the 4-hour chart, which appears to have shown investors few visible clues about directional intentions. However, MANA is approaching the upper bound of the dominant technical pattern, indicating that traders are about to finish catching their breath amid the uptrend.
The first resistance Decentraland price may encounter is the four-hour simple moving average (SMA) of 50 at $ 3.63, coinciding with the upper trend line of the dominant chart pattern. Exceeding that level could put the bullish target of a 36% rally on the radar, towards $ 5.00.
Another hurdle may appear at the 50% retracement level at $ 3.85, crossing the resistance line given by the MRI and the 200 four-hour SMA. An additional obstacle may appear at the retracement level. 61.8% Fib retracement level at $ 4.17, which is close to the four-hour 100 SMA, then the 78.6% Fib retracement level at $ 4.63.
The December 2 high could also act as a headwind for Decentraland price at $ 4.81 before the bulls target the aforementioned bullish target at $ 5.00.
MANA / USDT 4-hour chart
If the bullish outlook weakens, Decentraland price will discover immediate support at the 38.2% Fib retracement level at $ 3.53, then the four-hour 21 SMA at $ 3.49. If the selling pressure increases, MANA could slide further to find a line of defense at the lower edge of the triangle at $ 3.19.
Investors should note that falling below the aforementioned position can be problematic for traders as a 36% drop may be on Decentraland’s price radar. However, an additional defense line will appear at the 23.6% Fib retracement level at $ 3.14, which intersects with the MRI support line.
If a sell-off occurs, Decentraland’s price could drop further towards the November 7 high of $ 2.98.
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