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.
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
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
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
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.Source