Hi friends, hope you are well and welcome to the new update on Decentraland (MANA).
Support and resistance levels:
From November 2020 to April 2021 the price line of MAN token surged more than 2600%. After finding strong resistance at $1.55 0 the priceline found nice support at $0.50. Right now it is moving between the $0.80 resistance and the $0.50 support level. If the $0.80 resistance will be broken out then we have the next resistance levels at $1 and $1.20. Once candlesticks will break out the $1.20 then MANA can easily move up to break out the next resistance at $1.55.
Daily SMAs and a possible death cross:
On the daily time frame, the price action has recently broken out the 200 and 50 simple moving averages. Now we have the next resistance of 100 simple moving average approximately at the same level where we have the $1 resistance level . The 50 simple moving average was moving down aggressively to form a death cross with 200 SMA . Now it is turning to the right side, therefore, it is possible that now this expected death cross will be avoided. However, if the death cross will be formed then the price action can still move towards the upside. Because the death cross will be formed below the candlesticks and there is a good support of 50 and 200 simple moving averages below the price action.
Bullish harmonic Cypher move:
n the weekly time frame chart, the price action of MANA has formed a big bullish Cypher , at the moment the priceline is moved up after visiting the buying zone, but it is possible that it may give us another chance to catch from the potential reversal zone if BTC takes one more dip. As per the Fibonacci sequence of Cypher , the buying and sell targets can be as below:
Buy between $0.6937 to $0.4283 (There is also strong support at $0.50)
Sell between: $0.9026 to $1. 40
There is also strong support at $0.50, therefore we can also set this level as a stop loss. As per the above targets, this trade has a big profit possibility of 220%, and the loss possibility is 38%, but we can also use $0.50 support as a stop loss to minimize the loss ratio.
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You can also support my work at Patreon for more ideas:
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In order to play and watch the current performance of the chart you need at least a free account on tradingview:
https://www.tradingview.com/gopro/?share_your_love=moon333
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Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.