Decentraland (MANA/USD) recorded some huge buying volumes as it traded above 10% on Saturday. Mana corrected after a sharp rally that brought it to a new all-time high, so the upswing on Saturday could mark the end of the correction at Mana.
Mana is the token for digital assets that is used in Decentraland to pay for products and services. Mana can be bought and traded in exchange for fiat cash or other digital currencies, which is why Mana recently increased by over 300% in October. The Metaverse hype turned out to be a winner for Mana investors, as it increased by over 400% in just a few months. Mana is now at an important support level and thus a reversal could soon be observed. Should you buy mana in the hope of a new all-time high soon?
Here’s what the charts indicate:
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Mana rebounded strongly in early November and reached a new all-time high, after which it corrected and is now approaching an important support zone of $ 3.1 nähert, which could be the reversal zone for mana.
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If a reversal is seen, Mana could reach a new all-time high in the coming weeks and start a rally soon.
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The RSI is at the lowest level, which indicates that banks could soon return to the bottom, which could lead to a reversal.
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Investors can wait for mana to break through the 50-day moving average to make a safer entry, as a break through the 50-day moving average will show that the upward momentum in mana has returned.
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Investors should be careful and set a stop loss below the zone.
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Investors can set a target of $4.4, followed by $5, and may also set a new all-time high.
Can Mana reach a new all-time high in December? appeared first on Coin Hero.