The MANA price is under pressure when the market is unstable; a steep correction is expected

Decentraland (MANA) failed to hold and enjoy the all-time high (ATH) above $ 6 set just this Thursday. Prices reversed downward as the wave of negative news about the new variant of Covid spread quickly in the Asian session, pushing investors into risk-off mode. It is expected that all cryptocurrencies will reverse. Among them, MANA is moving towards support at $ 4.50 for the first time, possibly lower and back to $ 3.66.

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MANA drops 16% after meeting new ATH

MANA is at a disadvantage when big brothers like ETH crash. The market has been rocked by breaking news during trading hours in Asia about a new strain of Covid, more dangerous than what is currently known to mankind. Global markets quickly collapsed as investors pulled back, causing a massive sell-off on a number of assets other than safe havens.

MANA price broke below the R1 monthly resistance at $ 5.05 and is moving towards the initial support at $ 4.50. That level is just below the 38.7% Fibonacci retracement at $ 4.60 and both have yet to prove their support. With US markets open after the Thanksgiving hiatus, a second sell-off is expected tonight, pushing MANA prices down and breaking the 50% Fibonacci retracement at $ 4.12.

Daily MANA Price Chart | Source: Tradingview

A second sell-off is expected to push the price down and encounter double support on both the blue ascending trendline and the 61.8% Fibonacci retracement level which intersects at $ 3.66. This would be a very good place to start when preparing for a long position as the move could have become arduous at this point. At the beginning of next week the news will wear off and MANA is projected to return to the historic $ 4.50 and then hit the $ 4.6 which coincides with the 38.2% Fibonacci. As fear subsides, investors are looking for buying opportunities that could even push MANA price back towards $ 5 by the end of next week.

You can get the price from MANA. see Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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