MANAUSDT started the accumulation phase to $10.00.At the end of last November I warned traders of the bearish formation and potential peak on Decentraland, as it was printing the very same top pattern (both pricewise and in terms of RSI on the 1D time-frame) with the previous tops of May 2021, August 2020 and February 2020:
The price eventually did make a top on that exact price range and MANA entered a new corrective phase. The January 22 low though that marginally breached the 1D MA200 (orange trend-line), marked the new bottom and end of this corrective phase and start of the accumulation phase. Notice how the 1D RSI formed the very same Higher Lows pattern after breaching the oversold barrier of 30.000 both on the June 22 2021 bottom and the November 04 2020 bottom.
Once those bottoms formed, MANAUSDT rebounded initially to its 0.618 Fibonacci retracement level and entered a quarter-long Accumulation Phase of slight Higher Highs and Higher Lows. This is where we are at now as following the January 22 low, MANA reacted with that exact same rebound to its 0.618, so it could be relatively safe to assume that it was the bottom.
The last two tops/ Higher Highs on the Fibonacci Channel that started after the March 2020 COVID flash crash, were formed on a Higher Highs trend-line (blue line), which is just below the 1.5 Fibonacci extension. This suggests that the next target can be well above even the $10.00 benchmark.
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