The failed attempt by bulls inside the triangle setup keeps Decentraland trapped in a symmetrical triangle formation. Nevertheless, the crawling actions around support trend-line plus selling momentum by the 50-day Exponential Moving Average give off a distinct bearish ambiance. Will bears overcome the triangle, or bulls are about to launch a reversal.
Key Points
- MANA’s daily chart shows a triangle setup.
- Decentraland buyers try to regain the 200-day exponential moving average.
- Decentraland’s 24hr trading volume sits at $326 million, reflecting a 4% drop.
MANA price saw an uptick in underlying bullishness on 16 March, translating to a 9.63% jump. Nevertheless, the upward move met challenges sustaining the surged buying momentum as consolidation dominated the Metaverse tokens market.
Decentraland coin unveiled a symmetrical triangle formation that entangled bullish strength under long-coming resistance trend-lines betrayal influence. On the other side, the metaverse con has its price crawling around support trend-line, hinting at bullish reversals.
Buyers regaining control might lead to a 25% upsurge towards the descending trend-line, triggering a breakout past the $3 level.
However, weakness by buyers will make symmetrical triangle’s bearish breakout inevitable. The resultant fallout rally might push MANA towards $2, translating to an 11% downswing. While publishing this article, MANA changed hands around $2.41, following a 0.44% intraday fall.
Technical Indicator
MANA has its price movements around the 200-day Exponential Moving Average but beneath the 50-day Exponential Moving Average, reflecting downtrends and threatening a potential death cross.
Meanwhile, the Volatility indicator highlights merging while readying for a bullish cross. That highlights trend reversal possibilities while increasing the probability of an upside triangle breakout.
MANA seems poised for price upsurges soon. The Metaverse Fashion Week will kick-start this Wednesday. Moreover, the event will debut in Decentraland, one of the top 3D digital worlds. The non-profit Decentraland Foundation oversees the Decentraland ecosystem, which uses MANA as a native token.
Some of the top brands participating in the 4-day Metaverse Fashion event are Dolce & Gabbana, Tommy Hilfiger, Yahoo, Acura, Etro, and Estee Lauder. The event will undeniably trigger uptrends at MANA price, taking the alt towards $3 without hassle.
- Resistance zones – $2.83 and $3.48
- Support zones – $2.4 and $2Editorial credit: Dennis Diatel / shutterstock.com
