- Trading at $0.27 for MANA, which experienced 6.48% drop as traders see important levels.
- Breaking $0.60 may push MANA toward $1.29 while holding at $0.25 is key.
- MANA may follow Elliott Wave projections toward $74 should momentum build.
Decentraland (MANA) is trading at $0.2769 after a 6.48% decline, taking price action very much in line with a critical Elliott Wave setup. According to the chart, MANA is at the fourth wave of a five-wave cycle, hinting at a long-term move toward the $74.50 region. MANA generated a local peak near $5.90 during wave three, which translates to a massive marketing 1,436% increase from the breakout earlier. With the next leg expected, traders are at this movement “Can MANA hold its structure or is further consolidation likely ahead?
Elliott Wave Projection Indicates Long-Time Upward Motion
A strong rally between below $0.10 in 2020 and almost $6.00 in 2021 is also clear in the price history of MANA. The chart covers a textbook Elliott Wave formation, where the first wave ends at $1.29 and the second retraces at $0.09, while the third wave extends at over $5. The existing fourth wave has given rise to a long consolidation phase: price action creates its foundation between $0.25 and $0.60. If applying historic Fibonacci projections, the next big asynchronous move, which represents wave five, could take MANA beyond $74. Market Sentiment Obviously, Divided
Social media reactions regarding the future of MANA depict a lot of mixed opinions. While some traders doubt it due to the poor pace of adopting metaverse-related projects, past disappointments in the sector will remain in the memories of others. The accumulation phase over two years at these levels could be the foundation for the bullish jump. The Fibonacci levels on the chart suggest that any break above $1.89 would be the first step before regaining bullish momentum. Inaction, however, in terms of holding above $0.25 might invalidate the structure and entrench further downside.
Price Outlook And What keys to Watch
Immediate resistance for MANA lies within $0.60, where price rejections have occurred multiple times. A push beyond this level, however, could trigger the acceleration toward $1.29, corresponding with previous breakout zones. Below $0.25, a loss would show weakness that might retest lower regions before recovery. With metaverse happenings keenly scrutinized by the market, MANA’s next move depends upon whether buyers maintain its long-term wave structure or conditions of the wider market slow down momentum.
