Decentraland VS Bitcoin Uptrend Continues
After Decentraland fond the bottom at 1150 satoshis, back on the 28th of May, price went up and broke above the downtrend trendline as well as the 200 Moving Average. On a correctional move down MANA/BTC rejected the 8/1 Gann Fan trendline for two consecutive times.
At the same time, since 6th of June, MANA has been trading above the Moving Average, and in fact found the strong support there, that is 1350 satoshis. Today price closed above th previous high, suggesting the continuation of the uptrend.
The strong resistance is seen at 2150 satoshis level, that is confirmed by two Fibonacci levels, mainly the 61.8% retracement. While the uptrend is likely to continue, daily break and close the already established support at 1300 satoshis area could invalidate the uptrend resulting in Decentraland moving towards 1000 satoshis psychological support.
At the same time, since 6th of June, MANA has been trading above the Moving Average, and in fact found the strong support there, that is 1350 satoshis. Today price closed above th previous high, suggesting the continuation of the uptrend.
The strong resistance is seen at 2150 satoshis level, that is confirmed by two Fibonacci levels, mainly the 61.8% retracement. While the uptrend is likely to continue, daily break and close the already established support at 1300 satoshis area could invalidate the uptrend resulting in Decentraland moving towards 1000 satoshis psychological support.
Trade closed: target reached