Decentraland price prediction stays bullish for November 2023 and suggests more upside is possible. MANA price showed a surprising recovery of approximately 44% from its yearly low and formed a bullish trend reversal pattern.
Decentraland crypto managed to push the price above the 50-day EMA. It triggered positive sentiments for its long-term investors and fueled the rally.
Currently, the MANA crypto price is approaching the 200-day EMA which will act as an immediate hurdle for bulls if buyers succeed in breaking the 200-day EMA and sustain. A rally of 10% to 15% may be visible in a short period then.
Decentraland crypto witnessed a massive spike in buying volume and the price also followed the upward direction. Therefore, it shows that the recent upmove is reliable and the long-term investors are turning bullish.
MANA price breakout of the $0.3300 hurdle with a high volume came out of its narrow range consolidation. Therefore, the buyers look more aggressive as compared to sellers preparing for the next massive breakout.
MANA/USDT price is trading at $0.3692 with an intraday decline of -2.77%. The 24-hour volume to market cap is 18%.
Will Decentraland Price Hold the Higher Levels?
Decentraland price prediction suggests that bulls are returning on track and more upside is pending. However, before heading higher, MANA crypto might consolidate for some time or retrace back to the 50-day EMA.
Till the MANA price sustains above $0.3000 support, the bulls will remain active and easily absorb the minor sell-off. The price action shows that the rally has just begun so investors must look to buy or accumulate at the current price.
The technical analysis suggests that the breakout in MANA price looks reliable and the price is likely to hold the recent gains.
Will MANA Price Breakout of the High of August 2023?
MANA price surged about 24% last week and formed a bullish engulfing candle on a weekly chart. It engulfed the losses of the last 11 weeks and is trying to break out of the August 2023 high.
The MACD curve slopes upward and the histogram bar is also rising higher indicating the continuation of bullish momentum.
The supertrend says that till MANA crypto price trades above $0.3175, the trend will remain upward. The RSI at 58 cools off from the overbought territory and may reach the neutral zone soon.
Conclusion
Decentraland price prediction stays bullish for November 2023. The recent upmove in the MANA price looks reliable because it is supported by high buying volume. The analysis suggests the rally has just begun in MANA crypto and more upside is pending.
Technical Levels
- Resistance levels: $0.4000 and $0.4485
- Support levels: $0.3500 and $0.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/30/decentraland-price-prediction-rally-has-just-begun-in-mana/