MANA price continues to hover above the $0.8 mark, hinting at a rally targeting $0.86 or peaking by 6.8%.
MANA price on a 4-hour chart shows the formation of a rounding bottom pattern
August registers a massive sell-off for the MANA/USDT pair
MANA buying activity triggers a correction
August registered the most sell-off for MANA, with the MANA/USDT pair down by 32.5% from June to July with key support spotted at $0.75.
On August 29, the crypto was able to bounce back from the support zone with the formation of an engulfing candle hinting at a bullish or aggressive buying activity at this level. The gains generated from June to July were completely disheveled following the recent correction.
According to CoinMarketCap, the MANA price is trading at 0.8025 or up by 0.94% as of press time.
Decentraland: A Play-To-Earn Blockchain-Based Metaverse
Decentraland is a P2E virtual and immersive blockchain-based metaverse that allow players to socialize, explore, and earn while playing in real-time.
The Decentraland project is continuously expanding as the interest in the metaverse exploded roughly about a year ago. Players can buy virtual real estate that they can build upon or develop while interacting with other players.
The beauty of this project is that you can take ownership of a virtual land and earn from it. Basically, lots have previously been selling for as low as $20 but now you can sell these virtual lands for millions.
Over the past couple of days, MANA was trying hard to hold on to the support zone found at $0.75. Consequently, a bull run was seen on September 4 when it was able to breach the $0.8 resistance which means the buyers may have been working on recovery.
MANA price is trying to retest which provides an avenue for interest traders to jump in. But, there is a little to moderate weakness on the higher price rejection which may pull the coin to the opposite direction.
MANA To Break Past The $0.86 Mark?
The bullish momentum may trigger the rounding bottom pattern which means it has a high potential to surpass the $0.86 zone and promote faster recovery.
On the flip side, if MANA buyers fail to sit still at the $0.8 zone, closing a candle below the key support level may hint at a fake breakout triggering a pullback on price at $0.75.
RSI for the crypto demonstrates a bullish divergence within its range which a spike above the midline would suggest amplification of bullish movement.