DECENTRALAND ($MANA) LOSES SUPPORT! TIME TO SELL OR TIME TO BUY?? 2021 MANA Price Prediction!
We are gathered here today, of course, because of what we are seeing from mana. Of course, we did see this triangle in which weve been tracking for the last couple days. I personally was under the belief that we were gon na see the breakout to the upside, but we knew that we had less than three days before a breakout in either direction was coming, and it just so happened to be to the downside. So, of course, what were going to talk about today is what im expecting from mana, how i would be playing this in the best way that i think you can maximize and capitalize on what we are seeing from the price right now. So that being said, of course, lets go ahead and lets get into it. So, of course, again what weve been covering the last couple days honestly about a week now was this triangle, this descending triangle, in which we were in now. The thing about this is that weve been saying on the channel for the last honestly about a week to week and a half that i was not doing any buying until we saw a breakout from this triangle. I said im not buying it until it at least breaks up im, not buying it until it breaks down and find some support. Okay, there was no way we were buying in here. So many of us that did save us a lot of money if we were buying within this triangle.
But what were seeing at the moment is that we did break to the downside, found some support and maybe possibly re, establishing this previous level of support as resistance. Now, the reason that i think this is a real you know within a realm of possibility is because of what were seeing from the total market itself. So, looking at the total market cap too, this is going to be basically the market cap of all of our cryptos, excluding bitcoin. We see this massive wick to the downside right. We see a huge red candle with the massive wick. Now, usually, what happens when we see a huge fall and, within a day we recover back up to? You know, create some large wick like this is that we will see a bit of a retracement back to around whatever level we put in that low there right. You see how we bounce, we saw the wick, we saw recovery, but we eventually felt that fell back down to that level. If you can come see back here, we did the same thing. We saw that oops there we go. We saw this huge fall, we bounced, but we ended up coming back to this level similar here. Of course we saw this big wick and then we bounced came back down to this level and it goes on and on and on and its a tendency right, its a tendency to see that fall back to that direction before possibly finding the uptrend.
So what im? Looking at from mana, for example, is that i think its theres a very strong possibility that it follows a similar pattern in which, right now, we very well could establish this now as resistance and continue a bit of a descent to the downside. I think thats within the realm of possibility, do i know thats going to happen. Of course you can never know thats going to happen, but it is something im being extremely cautious of right now. So the way in which im personally playing this is that im still in profit, okay, im still in profit on mana and the way that im gon na play. This is personally speaking, im going to actually take some of the profits out. Now a lot of people say: well, you shouldnt, take profits on red days were realistically looking at this thing, its actually recovered quite well, and so even taking profits. Here i may be taking it like four or five percent less than what i would have if we were still you know in yesterday. Okay, now the reason that im doing that is because of the risk of seeing the fall to the downside but im under the belief that if three things happen that we are going to continue to the top side. And at that point, if i decided to work my way back in, i would but realistically i take profits all the time now, im not taking out my initial investment im, actually not taking out even a majority of the profits that ive made im taking out.
Thirty percent of all the profits that ive generated off of mana. What that means is that say if i put in a thousand dollars and it went up to thirteen hundred, so i have three hundred dollars in profit im solely just taking a hundred dollars. Out of that, just to lock in some profits while im up but to also minimize the potential of losing some of those profits. If the price does continue to the downside, so the three things that im going to be keeping an eye out on in order. For me to maybe buy back in, or you know, a possible another buying point, if youre looking to actually dollar cost averaging or get a good entry is going to be these three first and foremost, what i need to see is that were able to recapture our Four hour, emas and get back above this 50 ema on the 4 hour charts. This is a key level. Touch touch touch touch. We come to this 50, all the time and until were able to get back above this 50 ema. On the four hour charts i wouldnt personally be buying now in the time frame that we are doing that. I would also love to see that were able to break this descending level of resistance that you can see in this purple line. Lets just go ahead and get rid of this one, so of course this is going to be a key level of resistance.
Now this is going to be a level that we very well could bounce and interact with until eventually looking for the breakout. So in the process of trying to recapture that 4 hour, 50 ema im also going to be looking for the clearing of this purple trend line and then very very last but not least, another huge buying point. You know something that would really say: okay were back in business is, of course, the breaking of our 618 to 786 fibonacci zone from the high that we put in on november 25th down to the low that we put in last night. You draw your fibonaccis out there, and what youre going to be able to see is that we have the 618 to 786 zone, which is going to be roughly between 5.20 and 4.64 cents. That is going to be the final level of confirmation for me to say that okay likelihood is weve bounced weve cleared the trend line, weve gotten back above our 50 ema and weve also gone up to clear the 786 level off of our most recent swing. High to swing low event – and all of those will tell me okay, this thing is very likely continuing back up and at that point, depending on what my capital is looking like, i may buy some back in or i may just sit back and knowing that my Gains are on the way now. I do believe that this is going to eventually happen im.
You know im still under the belief of that. One of the biggest reasons is looking at something like the four hour macd. Although we did see an absolutely dramatic fall at one point, last night, its still trying its hardest to recover and see this bullish, blue and orange crossover. So what this tells me is that the market still wants to see all to win. We look at something like bitcoin dominance, for example its not done anything its still dropping. So what that means is that, even as the market dropped, people werent funneling money out of all coins into bitcoin, they were actually funneling into some of the larger altcoins such as ethereum such as solana and right. Those were seeing some of the not as bad falls, and what that tells me is that there is still the confidence in our altcoins and with the confidence in all, coins comes the ability to recover and thats what i think that we have here so overall. For now, im going to take a little bit of profits off the table, while im still up just in case it does the market does what it does a lot and continues to. You know trickle down a little bit and then once we start to get these confirmations to the upside, then ill start to look. Okay, maybe ill buy back in or maybe ill just sit back and let some of my gains compound. While i find other entries and other cryptos so overall, it does not mean that i dont think mana will continue.
I think mine is probably one of the strongest metaverse cryptos that i think, has the strongest chance of making it through this whole thing and so im. Definitely going to be backing it im going to continue to make videos on it as long as yall want to see it. And, of course, if you want to just, let me know by smashing that like button, so even more people see these videos, and it does give me a little extra incentive, of course, to make these, as, of course, they do get the most views and its always A good time, of course, in my own selfish way. So with that being said, i hope you guys did enjoy todays video if you did again dont forget to smash that like button and subscribe to the channel.