Bitcoin
BTC$43 081.91

1.35%

Ethereum
ETH$2 973.82

2.01%

Cardano
ADA$2.27

-2.69%

Tether
USDT$1.000723

-0.06%

Binance Coin
BNB$342.55

-2.18%

XRP
XRP$0.942011

0.16%

Decentraland (MANA) Stands At the Pivot Point


#Decentraland

It seems that almost every coin that has its ecosystem built on the Ethereum blockchain is pumping right now like there is no tomorrow. Decentraland (MANA), the Ethereum-based network for virtual reality that affords users an opportunity to monetize their digital content, has been making enormous gains lately, especially against USD, where the altcoin experienced a 141.4% appreciation in just four weeks. MANA has also been very convincing in the Bitcoin market, having outpaced the first cryptocurrency by 93% over the same period. It even did well in the pairing with Ethereum that is spearheading the ongoing altseason, although we prefer to call it the DeFi season for obvious reasons, by gaining 96,7% in the last seven days.

Bursting to the upside and into the super-charged resistance


The analysis of MANA’s historical charts tells us that the price is now making a second attempt at establishing a secondary uptrend, after the first one was canceled out by the spring market crisis, invoked by the outbreak of the coronavirus pandemic.

MANA all-time chart

Luckily for those who took the position in this market at the peak of the previous bullish rally that occurred in the first six weeks of the year and peaked at $0.06, MANA has already passed that level quite confidently, which once again proves that exercising patience in the crypto market usually pays off, even if the initial trade seems disastrous. In any case, Decentraland is currently priced at $0.096, having gained 7.8% in the last 24 hours. Notice how easily MANA had glided through that important price level, which also served as support during the downtrend. It means that the buyers are dominating this market, so more bullish action is to be expected if the overall bullishness persists.

Straight away, we would like to point out the ultra-important macro resistance level at $0.11 that had drawn the price like a magnet from December 2017 until November 2018, in the midst of the violent bear market. Like with every strong resistance, $0.11 could become either a starting point for a trip to (and above) the all-time high at $0.29 or a reversal spot from which MANA would be pressurized down to the support area near $0.06. Therefore, having a stop-loss now is of the essence if you want to avoid having to wait again for weeks or months before Decentraland gets back on its feet.

The situation on the daily chart demonstrates that MANA has already been moderately rejected upon hitting $0.11 and even going as high as $0.13 with the upper wick. The volume analysis dictates that the bullish strive already went to the point of exhaustion as the volume is decreasing, although not abruptly, which hints that the hiccup in gains could be temporary.

1-day MANA/USDT chart

Following the period of unusually active price action, Decentraland is finally retracing in a seemingly healthy tempo. We predict that MANA will resume the bullish rally if the price bounces off the interim support at $0.085, or will retrace to $0.06 (the middle line of Bollinger Bands) and begin ranging while the buyers are mustering the strength.

Author: Alex Paulson for Crypto-Rating.com

Related

Decentraland - Resilient But Underappreciated Cryptocurrency
Decentraland - Resilient But Underappreciated Cryptocurrency

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 35 $43 081.91 1.35% -8.98% $811 087 159 268 $32 566 242 601
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 49 $2 973.82 2.01% -10.60% $349 960 860 996 $21 587 502 761
3 Cardano (ADA) ADA Cardano predictions 62% 80 $2.27 -2.69% -2.67% $72 581 341 919 $5 657 027 599
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000723 -0.06% 0.06% $68 592 541 921 $78 405 017 855
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 69 $342.55 -2.18% -15.33% $57 594 887 329 $1 834 859 342
6 XRP (XRP) XRP XRP predictions 74.8% 52 $0.942011 0.16% -11.07% $44 008 512 090 $3 471 846 458
7 Solana (SOL) SOL Solana predictions 67.2% 73 $134.99 -3.62% -13.48% $40 130 984 296 $2 394 353 078
8 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $1.000373 -0.04% 0.04% $30 961 410 947 $3 802 192 647
9 Polkadot (DOT) DOT Polkadot predictions 67.2% 69 $29.14 -4.71% -12.32% $28 777 972 657 $2 530 767 375
10 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 77 $0.204356 -1.83% -12.96% $26 862 009 468 $1 490 518 775
11 Avalanche (AVAX) AVAX Avalanche predictions 61.6% 87 $67.41 -4.29% -4.38% $14 849 661 345 $1 216 715 313
12 Terra (LUNA) LUNA Terra predictions 68% 59 $36.08 -4.62% 4.12% $14 432 557 786 $1 639 919 020
13 UniSwap (UNI) UNI UniSwap predictions 66% 74 $22.79 17.61% -3.84% $13 937 536 203 $1 041 192 676
14 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000271 -0.06% 0.03% $13 693 035 619 $5 465 909 777
15 Chainlink (LINK) LINK Chainlink predictions 65.6% 70 $24.73 9.02% -10.79% $11 252 316 912 $1 925 712 695

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.