Trade Recommendation: Decentraland
Our February 6, 2019 trade recommendation for Decentraland (MANA/BTC) hit its target. On March 28, the market climbed as high as 0.0000208. Those who followed the trade recommendation grew their investments by over 120% in less than two months.
From that point, we’ve been waiting for Decentraland to give us a solid entry point. We like watching its price movement because it’s fairly predictable. If the price corrects, we’re ready because our primary level of interest is mapped out. Fortunately, the price pulled back after hitting the target. The market is now close to touching our primary level of support.
Technical analysis shows that MANA/BTC is enroute to support of 0.0000105. This view comes after the market broke below support of 0.0000148. Now, we believe 0.0000105 will hold for the following reasons.
First, the market is no longer in overbought territory. The daily RSI has retraced to a level where a bounce can happen.
Second, volume looks bullish. Even though Decentraland has deeply corrected in the last few days, volume has gradually become anemic. This tells us that sellers are running out of steam.
Lastly, 0.0000105 is still a reliable demand area. Decentraland has tapped it only once since the market broke out of range accumulation on February 26. At the very least, it should offer one strong rally.
The strategy is to buy on dips as close to 0.0000105 as possible. If MANA/BTC trades above this level, it will likely launch a rally to our targets of 0.0000148 and 0.00002.
The process may take a month.
Daily Chart of Decentraland/Bitcoin on Binance
As of this writing, the Decentraland/Bitcoin pair is trading at 0.00001183 on Binance.
Summary of Strategy
Buy: As close to 0.0000105 as possible.
Targets: 0.0000148 and 0.00002.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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