Decentraland's native token MANA has been consolidating for 30 days since the 90% bull rally it saw at the end of January. Although the bulls seem to be reentering the market, the token could soon rally to $2.90 before a potential breakout.
The Metaverse coin is currently consolidating 2% below this week's high of $2.47. Any weakness in the trend is yet to be seen. If it manages to break the resistance, fruitful returns can be seen for investors of the Metaverse token. A sustained daily close above $2.50 for the Metaverse coin could yield profitable returns in the coming days.
However, the volume does not show any clear evidence of who really has control of the MANA price. Therefore, it is worth saying that more time is needed for the development of the general wedge. The wedge still has 10% upside potential towards $2.75, which could be great for short-term investors.
For long-term investors of the metaverse coin, experts see a major bull rally to $4 likely imminent. The bullish price action must first occur around $2.92, which is 20% more than the current price of MANA.
For this reason, long-term investors should not add to their positions yet. The better option holds its purchasing power ready for a break above $2.92. The invalidation of this bullish wedge is 12% below the currently $2.30 MANA price. A close below $2.30 on the 12-hour timeframe. It changes too much to treat MANA's price action as a bullish wedge.
MANA Price and Market Data
Decentraland (MANA) is priced around $2.37 at the time of writing, with a 24-hour trading volume of $290,508,711. MANA price has decreased by -5.9% in the last 24 hours. There is a circulating supply of 1.5 Billion MANA coins, with a total supply of 2.19 Billion coins. Digifinex is currently the most active market where Decentraland (MANA) is traded.