Decentraland price may have issued a smart money trap following the Fed’s decision to hike interest rates another 75bps. Key levels have been to determine potential bullish targets for MANA.
Decentraland price could make a move
Decentraland price is a coin every swing trader may want to consider keeping an eye on. The Ethereum-based virtual world token has been in a persistent downtrend throughout the Fall. On October 30, the bulls managed to alter the market structure by printing a high of $0.73. When it was all said and done, October witnessed a 24% rally, and the initial move north may only be half of the amplitude move of what smart money bulls seek to bestow upon the market.
Decentraland price could be worth keeping an eye on for profitable trade in the coming days. Last month, the Ethereum-based gaming token witnessed a 23% rally last month, printing a last-minute October high of $0.73.
MANA price currently auctions at $0.64. On Wednesday, November 2nd, the Federal Reserve issued a surprising announcement, sticking with the plan to taper inflation by hiking interest rates another 75bps. The entire crypto market shattered upon the news. MANA fell by 6% in nearly 4 hours.
After the dust cleared, MANA reconquered some grounds. Currently, the bulls have successfully hurdled the 21-day simple moving average. They are a few ticks away from reacquainting with the 8-day exponential moving average after losing support from it post-Fed-hike-announcement. The volume profile indicator suggests the sell-off was mainly retail traders, and there is a substantial uptick in volume near the lows with an inverted hammer candlestick on a 2-hour time frame.
Combining these factors, there is still potential for MANA to pull off another rally. A key target level would be the previous triangle apex from 2020, located at $0.78. Such a move would be an additional 26% increase from Mana’s current price.
Invalidation of the bullish thesis depends on the swing low at $0.58 remaining unbreached. If the bears tag the lows, an additional dip toward the 2020 congestion zone at $0.50 could occur. Such a move would result in a 20% decline from the current market value.
