The price of Decentraland may be preparing for a countertrend rally with the September highs as its goal. The Ethereum-based gaming coin saw a 23% increase last month, reaching a last-minute October high of $0.73. Despite the market’s current sell-off caused by profit-taking actions, there is some indirect signs that another wave up may come. The 2020 triangle apex would be of particular importance, between $0.78 and $0.80.

Today’s Decentraland Price

The current MANA price auction is $0.65. Following October’s last-minute spike, profit-taking consolidation has caused a 10% market value decline. The sell-off is expected to eventually reverse, according to the volume profile indicator, as the bears have not yet generated a candlestick with a volume as high as the strongest bullish candles.

The support level is currently being challenged against the 8-day exponential moving average. If the bulls are unable to maintain their position, the 21-day simple moving average will be tested near $0.63, resulting in a further 5% fall.

Still, as long as the lows at $0.58 are not broken, the health of the uptrend will be unharmed. Traders should prepare for a further slide toward the 2020 liquidity levels of $0.50 if the bears manage to peg the lows. The market value would decrease by 23% as a result of such a change.

Also Read

Doge Price Prediction: Today’s Dogecoin Price, 3rd Nov 2022

Dogecoin is currently trading at $0.1198, down 8% from where it was...