Decentraland (MANA) price has broken its long-term downward spell on Tuesday. Amid a recovery rally, the gains were carried on Wednesday also. Improved risk sentiment after modest initial sections by Western nations on Moscow helped riskier assets to hold some ground.

  • Decentraland price edges higher on Wednesday.
  • Price moves inside rising wedge pattern to take make 60% upside risk.
  • A breakdown of the $2.37 support level could prove bulls wrong.

At the time of writing, MANA/USD is trading at $2.69, up 1.85% for the day. The 16th largest cryptocurrency by market cap held 24-hour trading volume of $965,542,595 as per the CoinMarketCap.

MANA looks for another leg up

Source: Trading View

On the daily chart, Decentraland (MANA) has observed an ascent of 108% from the lows of January 22 at $1.71. The current price action has multiple hurdles and investors met the supply zone near $3.39 and is currently looking for a new leg up.

As the price moves inside the ‘rising wedge pattern, which is a bearish continuation pattern could see a new rally be on its way, firstly MANA must surpass the 50-day EMA (Exponential Moving Average) at $2.90.

Anticipating the Decentraland price continues to ascend from the current levels, it could climb nearly 20% before meeting the upside filter at $3.90.

On the flip side, a breakdown of the $2.40 support level that coincides with the rising trend line of the rising wedge formation will suggest that the buyers are unable or unwilling to participate further. Furthermore, a daily candlestick close below $2.03 will invalidate the bullish thesis.

In this scenario, MANA could crash lower, retesting the $1.70 barrier.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) reads at 45 below the moving average line.

MACD: The Moving Average Convergence Divergence (MACD) falls below the mid line with a bearish bias.

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