Decentraland (MANA) Ready for 60% Run Up – Price Analysis

Decentraland price lost some momentum after recording upsurges for two successive sessions. The alternative token opened lower before inching high amid sustained buying pressure. The increasing volume supported the current price movements as the market structure remains oversold.

  • MANA saw its price retreating from higher-value areas after two successive sessions of uptrends.
  • A bullish pattern on the weekly timeframe indicated more upside potential for the token.
  • Oversold conditions by momentum oscillators support the potential leg ups.

Will MANA Sustain Its Gains?

According to the 4hr chart, MANA price printed a bullish candle setup on Thursday – a hammer formation. Decentraland’s price surged over 100% towards the $1.40 value area. Meanwhile, the upside momentum saw Decentraland piercing the 20-day Exponential Moving Average obstacle of $0.93. The alt will try to overcome the psychological area at $1.50.

Meanwhile, the weekly timeframe shows MANA explored its 7th successive week of declines. Nevertheless, the token violated the long-standing foothold at $1.48 and hit levels never witnessed since September 2021.

However, the hammer formation as the week ended showed the token’s correction might be over. For now, a weekly candle closing beyond $1.50 will welcome a relief rally to $2.0.

Though things appear optimistic for MANA, the altcoin has downside risks. A break under $1.0 would unveil dark clouds on Decentraland. Such developments might trigger plummets towards $0.37, June 2021 lows. While publishing this blog, MANA/USD traded at $1.26, gaining 5.4% over the past day.

Decentraland Technical Indicators

  • Relative Strength Index

The Relative Strength Index (RSI) hovers beneath the average line, currently at 35 and off the oversold territory.

  • Moving Average Convergence

The Moving Average Convergence Divergence (MACD) shows receding bearish strength as it remains beneath the average line.

Meanwhile, Decentraland will rely on broad market sentiment for its potential rallies. MANA’s upside stance emerges as the overall market attempts to recover. Bitcoin gained 0.80% within the previous 24 hours to trade at $29,631.

Also, the global market cap reflects bullish moves in the market. While publishing this content, the cumulative capitalization of all digital assets hovered at $1.27 trillion, increasing by 1.10% in 24 hours.

Editorial credit: Dennis Diatel /