MANA continues to trade within a long-standing range. After rejecting from value area high and losing the point of control, all eyes turn to the 0.618 Fib confluence zone for support.
Summary
- Sonic Token is testing confluence support at the Point of Control and 0.618 Fibonacci
- Daily closes above this level are crucial for maintaining bullish momentum
- Targeting $0.42 swing high if support holds; breakdown opens risk of larger correction
Decentraland (MANA) has been range-bound between $0.19 and $0.38 for an extended period, maintaining a rotational structure without decisive breakout. The most recent move saw price reject cleanly from the value area high, and it has since broken below the point of control, placing the asset in a corrective phase.
The next key region to watch is the midrange confluence zone around the 0.618 Fibonacci retracement, which may serve as the launchpad for a potential bounce back toward the range high.
Key technical points:
- Rejection from Value Area High: MANA was rejected near $0.38 resistance
- POC Lost: Price has broken below the point of control, signaling weakness
- Confluence Support Zone Ahead: 0.618 Fib + midrange zone is critical for bullish defense
The rejection from the top of the range confirms that buyers were not ready to push through resistance, and price is now seeking equilibrium within the range. The 0.618 Fibonacci retracement, which intersects with the midpoint of the trading range, forms a high-confluence support zone. This region is technically significant, as it has previously acted as both resistance and support in prior market rotations.
Should MANA react positively to this support and generate bullish price action with strong volume, it would likely initiate a rotation back toward the range high at $0.38, a level that hasn’t seen a clean retest in quite some time. The presence of volume at this zone is the key confirming factor. Without meaningful buy-side volume, the level may fail to hold, leading to a continuation of the broader range.
If the 0.618 confluence fails, the next likely move would be a sweep of the swing low, targeting the range low support around $0.19. This would continue the sideways pattern that has persisted for months. A break below this level would shift the broader structure toward a bearish bias.
To exit this drawn-out range, MANA needs a clear breakout with sustained volume. Until then, price action will likely remain range-bound. False breakouts are a common feature in this kind of structure, so volume confirmation is critical. Traders should be patient and wait for the price to show intent, either through a strong reaction from midrange support or a clear volume-backed break from the range.
What to expect in the coming price action
MANA is approaching a confluence support zone. A strong reaction could fuel a rotation back to $0.38. If support fails, expect a move toward $0.19. Volume will be decisive.
Other Articles
No Comment! Be the first one.