Hey friends, hope you are well, and welcome to the new update on Decentraland token.
In my previous article, we have seen that the MANA was moving in a down channel and I predicted that this time it will break out the channel.
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Now if we take a look at the live daily chat, then finally MANA has broken out the channel and also broke out 25, 50, and, 100 simple moving averages. Now it is stuck at 200 SMA. If the price action of Decentraland will not be able to break out the 200 simple moving average then it may re-test the resistance of the channel as support.
Long-term SMAs:
On the long-term weekly chart, the price action of Decentraland is trying to break out the 25, 50, and 100 simple moving averages.
Long-term Ichimoku cloud is bullish now:
On the long-term weekly chart, the price action of the MANA token was moving under the strong bearish Ichimoku cloud. Now the cloud has finally turned bullish, therefore, it is a strong possibility that the price action would breakout this cloud with a powerful bullish divergence.
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Big Shark move:
While the Ichimoku cloud has turned bullish the price action of the MANA token is also moving in a potential reversal zone of a very big bullish Shark pattern on a 2-month chart. When the priceline will start moving up from this potential reversal zone then the price action of MANA my cross the all-time high price level as well.
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Conclusion:
In the long term-the price action of the MANA token has completed a very big bullish setup. Therefore we can expect a more powerfull rally to the upside than the previous rallies.
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