Decentraland (MANA) Poised for a 40% Breakout

Decentraland (MANA) Poised for 'Decisive Breakout' From Trading Pattern

Decentraland (MANA) continues to struggle to establish a clear directional bias at the peak of its symmetrical triangle pattern. However, analysts say the tightened coiling indicates an explosive move that should set the tone for MANA’s next trend.

After sliding 60% since late November, MANA discovered reliable support around $0.41 that has cushioned its correction decline. Repeated dip-buying in that area implies lingering demand exists below current prices around $0.44.

For now, the token trades delicately perched at the triangle apex, with well-defined support and resistance levels funneling its rangebound action. Experts consider the calm before the storm as volatility looks set to reawaken.

Will MANA go higher?

Technical gauges like the relative strength index (RSI) show waning bearish momentum as the sell-off momentum slows to a crawl. That sets the stage for bulls to assert control if key levels holding up weaken bears further.

The first requirement sees MANA reclaiming the pattern upper trendline, currently around $0.47. From there, the technical target projects a swift 37% move back toward the $0.65 zones of prior resistance.

Failure to close above triangle resistance poses downside risks as well, however. A breakdown below support opens the door to around $0.37 for a total move exceeding 35% to the low side.

For now, MANA balances uneasily at its trendlines, awaiting the next catalyst to tip prices decisively either way. The coming move stands to pack a punch in whichever direction information flows, pushing the seesawing token.

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