Decentraland Price Analysis: MANA Jumps 15% In Three-day; Are You Buying?

Decentraland (MANA) price remains bullish despite a minor setback in the previous trading session. The price opened the session lower but quickly recovered to test the session’s high level. However, it retraced back after testing the $1.02 level.

• MANA manages to print gains despite a pullback from the higher level.
• A decisive break above the $1.0 mark would bring more gains.
• A key support level is placed near the 50-day EMA on the daily chart.

MANA looks for upside confirmation

On the daily chart, the MANA price has surged up with a 2.20% increase over the past 24 hours. The recent price action suggests that MANA maintains a bullish bias. As the price is sustaining near the crucial $1.0 mark. There are multiple attempts to breach the level, thus making it a crucial hurdle.

Further, in the formation of the “ Inverted Head & Shoulder “pattern, a bullish technical pattern suggests a breakout on the higher side. To further confirm the study, we found that the price continues to trade above the 50-day exponential moving average for the past four days.

On the higher side, the MANA buyers would exploit the high of May 31 at $1.12 followed by the critical $1.30 mark.

On the hourly chart, while trading inside the asymmetrical triangle, MANA formed a double top. The price retraced from there and now, could test $0.92. In addition to that, the price formed a bearish Bat pattern, which is a harmonic pattern that occurs rarely on charts.

Conclusion:

On a higher time frame, MANA harnesses an upside momentum. However, on the lower time frame, a correction toward $0.90 cannot be ruled out. Investors can have discount buying opportunities. If the price breaks $1.0, we can expect a good move.