Decentraland (MANA) Bears Still Dominate, Eyeing 28% Drop
- MANA seems primed for a substantial fall after a break beneath a crucial defense line.
- The altcoin might hit the prevailing chart pattern’s bearish target at $1.46.
- MANA might secure dependable support near $1.92 before continuing the decline.
Decentraland price seems prepared for further plummets as the metaverse coin witnesses continued to fall, eyeing the pessimistic chart setup’s bearish target. The alternative token risks a 28% plummet to $1.46. Bears will achieve their target if MANA fails to secure dependable footing at 200-day SMA.
MANA Searches for Reliable Support
MANA price has printed a descending triangle formation on its daily chart. The bearish setup suggests a possible 44% downside move to $1.46 after the token broke beneath the governing technical pattern’s bottom boundary on 21 January.
The metaverse coin might see further declines as MANA price declined under the 78.6% FIB retracement area near $2.18 on 22 January. Remember, the level served as MANA’s defense line. Decentraland has to maintain its price movements beyond the 200-day Simple Moving Average at $1.92, the asset’s following defense line.
Nevertheless, falling beneath the mentioned support level might trigger more trouble for MANA bulls, as the crypto might suffer further declines, reaching the bearish aim of $1.46, matching the 29 October peak. Additional selling momentum might see MANA price dropping further to 127.2% FIB extension area at $1.09.
If buying momentum amplifies, MANA price will rise towards the nearest resistance at $78.6% FIB retracement at $2.18. Remember, this level switched from support to a resistance mark amid MANA’s downfall. Decentraland will meet another hurdle around the primary technical pattern’s lower boundary at $2.64, the region near 61.85 FIB retracement zone and 21-day Simple Moving Average.
The massive hurdle around $3.09 might confront MANA’s price. Keep in mind the 38.2% FIB retracement mark sits at this value area. Moreover, the 50-day Simple Moving Average and 100-day Simple Moving Average pads the resistance. Decentraland will necessitate a decisive break past this hurdle to eye higher aspirations beyond the prevailing chart pattern’s top boundary.
Nevertheless, the emerging bullishness across the crypto spectrum might attract upside sentiment to MANA price. While publishing this article, Bitcoin trades at $36,251 following 24hr gains. Maintaining such trends will mean bullishness across the market.
Editorial credit: David Esser / shutterstock.com