MANA Price Forecast: Decentraland (MANA) Price Spikes by 265% In A Week, Good Time to Enter MANA?

Metaverse crypto projects have seen astronomical gains following the Facebook news, with MANA-Decentraland recording a 265% gain after last week’s closing price. MANA, AXS, and SAND are native tokens of top Metaverse crypto projects that saw a massive surge in prices after last week’s closing price.

Facebook CEO Mark Zuckerberg at his Connect 2021 keynote presentation confirmed the move to rebrand before transporting into a simulated virtual reality.

Bullish/Bearish Scenario

The MANAUSDT suggests strong bullish sentiment as the relative strength index shows higher values above level-25 on the weekly and daily time frames.

Let’s analyze the MANAUSDT price chart and see if the current price hike will persist.

MANA Price Analysis: Weekly Chart

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Last week, the MANA token skyrocket by 265% from the open to the closing price after the RSI indicator failed to print lower values below level-25 and the bulls found their way above bearish divergence resistance on 23 Aug ’21.

The MANAUSDT is back in an uptrend as the RSI breaks above level-75 for a second time and traders now expect a price correction for a chance to scale into the uptrend.

Let’s look into the daily time frame for clues into entry levels.

MANA Price Analysis: Daily Chart

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The daily time frame is equally in an uptrend as the RSI prints higher readings above level-75 without dropping below level-25.

Attempts from the bears in the form of regular and hidden bearish divergence failed to a breakout of resistance on 28 October ’21 for about a 400% increase.

With that said, the entry-level should be at the 4HR time frame where we expect the RSI to print lower figures below level-25.

MANA Price Analysis: 4 Hr Chart

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Okay, now we can see that the 4HR time frame is our trade entry time frame for the MANA token, signaling the price bottoms with the RSI moving below level-25 on 24 Oct 12:00 and 27 Oct 20:00.

The next entry point into the uptrend will be flagged if we see RSI readings below level-25 on the 4HR time frame.

The post MANA Price Forecast: Decentraland (MANA) Price Spikes by 265% In A Week, Good Time to Enter MANA? appeared first on BitcoinLinux.

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