World of Charts believes that Decentraland’s token, MANA, is on the verge of a solid recovery. This was after the price bounced from a critical support area. The momentum is expected to continue its upward movement towards a target range of $1.50 to $2.00 in the first quarter of 2025.
Looking at the chart for MANA against Tether (USDT) on a daily time frame, we can see some important trends and patterns. The chart reveals a long-term downtrend characterized by a descending trendline that started from the highs in 2021. However, a recent breakout above this trendline suggests a potential reversal or at least a significant relief rally.
What you'll learn 👉
Key Support and Resistance Zones
Support for MANA has been established around the $0.40 mark. This area has shown previous consolidation and buying interest, making it crucial for the current price action. On the other hand, there are two important resistance zones to watch.
The first resistance zone is near $0.75 to $0.80, which the price is currently testing. The second, more ambitious target is between $1.50 and $2.00, aligning with World Of Charts’ projection for Q1 2025.
A notable feature of the chart is the formation of a falling wedge pattern, which is generally considered bullish. This pattern was confirmed with a breakout to the upside, leading to higher highs and higher lows. This ongoing price action supports the idea of a bullish recovery.
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Target Projection
By measuring the move from the wedge breakout, the target aligns with the previously noted resistance zone of $1.50 to $2.00. The projected area indicated in blue on the chart suggests a potential rally of nearly 400% from the support zone to the $2.00 target.
World Of Charts discussed MANA’s bounce from a critical support zone. They predict that this upward momentum will continue, driving the price towards the $1.50 to $2.00 range by the first quarter of 2025. This outlook is consistent with the technical breakout and overall price structure observed on the chart.
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It’s important to note that the resistance zone around $0.75 to $0.80 is critical. The price may face consolidation or even rejection before it can continue its upward trend. Additionally, broader macroeconomic factors or shifts in sentiment across the cryptocurrency market could impact this bullish outlook.
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