Decentraland [MANA] short-term traders can look to buy at…

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Decentraland performed extraordinarily well in 2023. Its native token saw a sharp retracement in February and March on the price charts.

The $0.623 level of support was breached on 3 March, but the gains of the past week meant the same level has been flipped to support once more.

Read Decentraland’s [MANA] Price Prediction 2023-24

At the time of writing, MANA showed a likelihood of a move toward $0.7. Even though its market structure was bearish on the daily timeframe, the bulls had a fighting chance, provided Bitcoin does not see a sharp drop.

Source: MANA/USDT on TradingView

The early 2023 pump from $0.29 to $0.84 in early February represented gains of close to 195% in under six weeks. This broke the downtrend that Decentraland has been on since last August and flipped the structure to bullish.

The Fibonacci retracement levels showed that, even though the retracement was deep in recent weeks, the 61.8%-78.6% golden pocket remained as support. Hence there was a chance that MANA could continue to trend higher like it did earlier this year.

The Awesome Oscillator showed bearish momentum, but the green bars on the histogram indicated weakening bearishness. Meanwhile, the OBV was also in a downtrend and has not breached its lower high. This was in line with the bearish market structure.

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The fair value gap highlighted in white on the daily chart coincided with the bullish breaker (red) at the $0.6 region. It was likely that a drop into this region would provide a move higher toward the bearish order block at $0.71.

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