Key Takeaways
- Decentraland (MANA) reclaimed the $0.290 support area.
- The MANA price broke out from a descending wedge pattern.
- How much more will the metaverse token continue to increase?
Decentraland (MANA) has had a rough ride this market cycle, falling well short of its previous highs. After a steep drop in December 2024—its lowest point since early 2021—the token looked all but forgotten.
However, MANA has shown signs of life. Since breaking out of a bullish pattern, it’s climbed more than 70%, sparking fresh hopes of a comeback.
So, is this the start of a meaningful recovery, or just another short-lived rally?
MANA Price Reclaims Support
After a harsh rejection in December 2024 (see black circle), MANA tumbled 77% to a low of $0.190—its weakest level in years.
The drop also pushed the token below the long-standing $0.290 support zone, which had held firm since 2023.
However, recently, MANA has flashed unexpected strength, posting three consecutive bullish weekly candles.
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If the current weekly close holds, MANA will have reclaimed the $0.290 level as support, a potentially bullish development that could open the door to higher resistance targets at $0.47 and $0.73.
Still, the technicals offer cautious optimism rather than confirmation. The MACD and RSI are both trending upward but have yet to break into definitively bullish territory.
The MACD, in particular, is nearing a bullish crossover (black circle), which could signal momentum building in favor of the bulls.
Until then, MANA’s reversal remains unconfirmed on the weekly chart.
MANA Price Breakout
The daily chart adds weight to the bullish case, showing multiple signals that support a continued rally.
Firstly, the wave count suggests that MANA completed a full five-wave decline (red) beginning in December 2024. Notably, wave five formed an ending diagonal—a classic sign of a trend nearing exhaustion.
Momentum indicators are also leaning bullish. Over the past several months, both the RSI and MACD flashed bullish divergences (orange), adding credibility to the breakout.
If this wave count holds, MANA appears to be in the early stages of an A-B-C corrective pattern, with the next major target sitting at $0.45.
This resistance level aligns with a key horizontal barrier and a Fibonacci retracement zone, offering strong confluence with the long-term levels highlighted on the weekly chart.
New Highs Incoming
Decentraland has been one of the best performers in the crypto market since the start of April.
The MANA price broke out from a descending wedge, confirming the end of its short-term correction.
Decentraland’s rally will likely continue until the price reaches at least the $0.45 resistance area.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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