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The course of Decentraland (MANA) was able to initiate a bullish trend movement in the course of the recovery on the overall market in the last few days. The bullish divergence in the MACD indicated that there was a chance for a price recovery in the near future. Since retaking the red downtrend line last Friday (January 13), Decentraland has appreciated significantly in value. In a weekly comparison, the former flagship project in the Metaverse coins sector leads the list of the top 100 cryptocurrencies with a price increase of 81 percent in the last seven trading days.
At its peak, the MANA price rose to the strong cross resistance at USD 0.75 on Tuesday, January 17th, and was only slightly below its daily high at the time of writing this price analysis. It is quite remarkable that Decentraland’s price can recover so strongly despite little interest in the digital world. Maybe she’s wearing it reporting about the tennis Grand Slam tournament Australian Open and the upcoming Metaverse Fashion Week 2023 contributed to the increased interest in Decentraland. If the bullish trend continues to expand as a result of the increased interest and buyers succeed in breaking through the resist at USD 0.75, there is further price potential for the MANA price. On the downside, Decentraland is well hedged in the $0.43 area for now.
Bullish price targets: $0.75, $0.80/0.83, $0.93, $1.09/1.13, $1.21, $1.34, $1.61, $1.67, 2, $03, $2.20, $2.43
Decentraland: Bullish price targets for the coming months
Decentraland has been very bullish over the past few trading days, hitting a new high of $0.75. Although the strong resistance from the horizontal price resistance and EMA200 (blue) could not be overcome by the daily closing price in the last three trading days, a reconquest results in potential up to the golden pocket of the current price movement between USD 0.81 and USD 0.83. If Decentraland can then stabilize above 0.75 and also break through this zone, the price mark of USD 0.93 will attract investors’ attention. A break above this resistance will immediately activate the next target area between $1.09 and $1.21. The last significant historical high from August 2022 is also in the turquoise zone at USD 1.13. Increased profit-taking is to be planned here.
Higher course goals come into view
If the MANA price jumps back above this zone, the upward movement will expand in the direction of USD 1.34. Decentraland is likely to find it increasingly difficult here. Should the bulls succeed in breaking through this price level as prices continue to rise on the crypto market, a march through to the orange zone between USD 1.61 and USD 1.67 is conceivable. With that, the MANA course would have reached the next relevant resistance zone. Should the positive trend continue in the medium term and Decentraland continue to rise northwards, an increase to around USD 2.03 cannot be ruled out. Again, however, investors may want to take profits here. Whether the maximum target price range of between USD 2.19 and USD 2.43 will be reached depends largely on the price development of the key crypto currency Bitcoin. If the Bitcoin price can climb up to the USD 30,000 region, the MANA price could also target the red resistance zone.
Bearish price targets: $0.59, $0.53, $0.43, $0.37/0.33, $0.28, $0.23/0.19, $0.14, $0.11
Decentraland: Bearish price targets for the coming months
If, on the other hand, the MANA price does not dynamically break out back above USD 0.75 and Decentraland jumps to the Golden Pocket with a short spike at most and then buckles, a relapse towards USD 0.60 is likely. If an attempt to stabilize here fails, the correction will expand to around USD 0.53. If there is no countermovement here either, the breakout level in the area around USD 0.43 will come into focus. Since the red downward trend line also runs here, a first directional decision can be expected. If the bears manage to push the price below it sustainably and sell the MANA price back below the EMA50 (orange), investors must plan a retest of the green support zone.
A directional decision is to be expected
Between USD 0.37 and USD 0.33, the bulls should definitely come back onto the floor in order to avert a relapse to the striking low at USD 0.28. Although a countermovement is likely here at the latest, a renewed price increase towards USD 0.42 and above is only conceivable if Decentraland can stabilize itself over the long term. If, on the other hand, the low of the previous year is abandoned, investors will focus on the gray support area between USD 0.23 and USD 0.19. Here investors should try again to turn the MANA course north. Should the crypto market also trend more southward as part of ongoing weakness and Bitcoin falls back below USD 15,500, the MANA price could even break away to the maximum bearish targets at USD 0.14 and USD 0.11. The MANA course would have worked through the old breakout level from January 2021. However, such a sharp setback is currently considered very unlikely. Instead, investors should try to find a long entry if the price consolidates back into the zone between USD 0.59 and USD 0.53.
Looking at the indicators, the daily chart shows a clearly overbought condition for the RSI as well as the MACD indicator. In the weekly chart, on the other hand, both indicators still have room for a further price jump in the coming days and weeks, which is why the chart image at Decentraland is still to be rated positively.
