Decentraland (MANA) has broken out from a lengthy-term pattern, potentially signaling that the correction ongoing since Nov 25 is complete.

MANA had been decreasing within a collapsing wedge since spreading to an all-time strong on Nov 25. The descending movementment led to a low of $1.70 on Jan 22. Since then, the cryptocurrency has been moving skywards. 

On Jan 31, MANA broke out from the aforementioned sliding wedge. In spite of the breakout, it is further exchanging 52% below its all-time high rate. 

Currently, it is within the $2.85 horizontal resistance field. Cone time beforeding that it were successful in moving atop it, the next resistance would be at $3.81. This is both a horizontal resistance range and the 0.5 Fib retracement resistance level.

MANA Wedge

Chart By TradingView

Cryptocurrency trader @PostyXBT tweeted a MANA chart, stating that the cryptocurrency could get rejected by the $2.85 resistance range. Since the tweet, the cryptocurrency has realized this range and dropped slightly sinces.


Source: Twitter

Future MANA change

In spite of the experience that MANA is exchanging within resistance, technical indicators are one time before more bullish. 

The MACD, that is created by a short- and a prolonged-term moving average (MA), is moving ascendings and is nearly positive (green circle). This is a sign which the trend is progressively turning bullish. 

Also, the RSI has barely moved over 50. The RSI is a momentum indicator and readings atop 50 are contemplated signs of a bullish trend. More essentially, the previous time this occurred was on Oct 2021, preceding the entire skyward evolution to the all-time high cost.

Therefore, it is likely which an ascending shiftment will further follow this time around, tparallelg MANA at least to the $3.81 resistance range.

MANA Wedge

Chart By TradingView

Wave count analysis

Measuring from June 2021, it seems which MANA has hardly begun wave five of a five wave ascending evolutionment (white). In this rundown, it finished a fourth wave pullback with its Jan 22 low. 

The first potential target for the top of this move would be at $8.38, created by the 1.61 external Fib retracement resistance level. The second target would be at $11.16, created by the 0.382 length of waves 1-3 (white).

It is one time before more worth mentioning which the only other time the MACD histogram genecostd bullish divergence was on May – June 2021, (green lines), preceding the current ascending move.

MANA Count

Chart By TradingView

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