Decentraland Crafts a 12% Virtual Victory, But Real Profits Might Await in Meme Kombat's Presale

Decentraland Crafts a 12% Virtual Victory, But Real Profits Might Await in Meme Kombat’s Presale

Updated: 24 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Decentraland (MANA) trades at $0.3435 in a sixth straight green session as the crypto market displays an impressive recovery on Tuesday. The play-to-earn (P2E) token’s 12% daily gains have seen it rise above key support areas, with bulls yearning for more upside.

MANA is up 20% in the last seven days and 18% over the last month. Its 24-hour trading volume has jumped 28% to $117 million, reinforcing increasing investor interest in the Metaverse crypto.

Is this interest enough to sustain the uptrend and push the Decentraland price to $0.447?

Decentraland Price Needs To Reclaim the $0.38 level

The area around the $0.268 demand zone provided a launchpad on Oct. 19, placing MANA price on a recovery path. The altcoin has since rallied approximately 27% to the current price of $0.3435.

At press time, the price of the Dentraland token was fighting stiff resistance from a supplier congestion zone stretching from $0.36 to $0.38. This is a stiff barrier that MANA bulls need to overcome to sustain the uptrend.

Note that this level rejected the price in mid-Aug and dropped 26% to set a swing low at $0.268.

The significance of this zone is reinforced by IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model. The IOMAP chart below shows that the price faces stiff resistance in this area. For example, around $0.38 is where approximately 24.4 million MANA were previously bought by roughly 5,230 addresses.

Decentraland IOMAP Chart

Decentraland will, therefore, need support from the wider market to overcome this barrier. If they succeed, the MANA price will confront resistance from the 200-day Exponential Moving Average (EMA) at $0.392 before rising to revisit the $0.4477 range high. This would mark a 31% uptick from the current price.

MANA/USD Daily Chart

Decentraland Price Chart - Oct. 24 — TradingView Chart: MANA/USD

This positive outlook was supported by the upward movement of the Moving Average Convergence Divergence (MACD) indicator. The call to buy Decentraland sent by this trend-following oscillating indicator when the 12 EMA crossed above the 26 EMA on Oct. 20 was still in play. This meant that the market conditions still favored the upside.

On the downside, the ongoing uptrend could soon run out of steam as buyer exhaustion and profit booking sets in. The resulting selling pressure could pull the price first toward the 100-day EMA at $0.3263 and later to the 50-day EMA at $0.30131.

Lower than that, the next logical move would be the $0..28 psychological level or the $0.2680 support wall.

MANA Alternatives

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— Meme Kombat (@Meme_Kombat) October 23, 2023

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