Decentraland (MANA) Forms Triple Bottom Pattern, Likely to Gain 18%

  • MANA price has printed a triple bottom formation around $2.78, suggesting an 18% upswing.
  • Market participants may expect an upside move as the setup is within the demand zone, stretching from $2.20 to $2.87.
  • Violating the support barrier at $2.20 will cancel the bullish case.

Decentraland (MANA) has retested a critical support zone for nearly fourteen days. Though the alternative coin appears to lack volatility, it prints a bullish pattern, confirming possible impending reversals.

MANA Price Ready for a U-Turn

Decentraland had its price tagged the support at $2.78 three times since 6 January, forming a triple bottom formation. Surprisingly, the pattern emerged after the metaverse token lost 33% and tested the demand region in the $2.20 – $2.87 range.

Meanwhile, MANA formed the reversal setup within a demand territory, translating to higher reversal chances. That way, market players may expect MANA price to witness a 12% surge towards the closest weekly resistance area at $3.26.

Overcoming this barrier appears possible with the buy stop liquidity beyond the obstacle at $3.39, matching the 50-day SMA. Decentraland enthusiasts may expect Decentraland to gain a total of 18%.

Though things appear up for MANA price, magnified selling momentum that violates the support barrier near $2.78 will show weakness by bulls. Such a development, though temporary, will challenge recovery attempts by MANA bulls.

Nevertheless, MANA producing a 4hr candle close under $2.20 will formulate a lower low, canceling the optimistic thesis. That way, the alternative coin will plunge to revisit the support level at $1.49. Buyers might attempt a comeback at this level.

Market Today

Bitcoin appeared indecisive during Tuesday’s trading session. The crypto began the day with downward mode, and its price plunged to $41K. However, the narrative shifted after that, and Bitcoin started today at levels of $42,000. However, the coin remains without a directional bias.

Nevertheless, analysts remain bullish about BTC’s rebound, targeting the next resistance level at $43K – $45K in a short time. A significant upswing by Bitcoin will support bullishness in the crypto spectrum, at least in the near time. Such developments will see MANA riding upside waves smoothly.

Editorial credit: Ira Lichi / shutterstock.com

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