Decentraland's price is currently providing a second opportunity for sidelined buyers to accumulate before an uptrend begins. Meanwhile, HUH Token is eyeing a 160% Fibonacci breakout as it continues to climb over 2000% since its launch on Monday, December 6.
Decentraland is available at a significant discount. Following the December 4 flash crash, Decentraland's price established a trading range of $3.07 to $4.24. MANA has created lower lows since establishing this range, indicating waning bullish momentum but not indicating increased selling pressure.
For the second time in three days, Decentraland's price is retesting the 79% retracement level at $3.32. This retest is well below the midpoint, implying that MANA is currently on sale.
A possible increase in buying pressure is to be anticipated here, which is likely to result in an 18% run-up to $4.01. However, if bid orders continue to accumulate, the metaverse token could revisit the range high of $4.24, a 27% increase from $3.32.
On the other hand, if Decentraland's price fails to maintain a value greater than $3.32, it indicates increased selling pressure. In that case, MANA is likely to retest the range low at $3.07 and possibly form a double bottom, providing buyers with a second chance.
However, a daily close below this level will result in a lower low, nullifying the bullish outlook outlined above.
HUH Token is currently trading in a narrow band between its all time high and a support level at $0.0001344. HUH's stochastic and stochastic RSI have both broken their bottom band indicating that an upswing is on the way and the price looks set to test the all-time high at $0.0001430.
If the bulls can take the price over this resistance level then HUH could surge to the 78.6% Fibonacci extension level.
With no barriers standing in its way HUH could then continue to climb to the next Fibonacci extension levels at 161.8% and 200%.
HUH 15-Minute Chart According to TradingView
However, if HUH's price falls below $0.0001344 then it could consolidate further to support levels at $0.0001100 and $0.0001000, presenting bulls with more buying opportunities.
Investors should keep in mind that if the price falls below the support floor at $0.0001000 then this would nullify the short-term bullish forecast.
HUH Token has seen a meteoric rise of over 2000% this week, after launching on Monday December 6, which could be attributed to the new cryptocurrency going viral this week.
HUH has rocketed into the top 20 on PancakeSwap peaking investor interest. As a result, HUH has seen its market cap rise to over $126 million.
The new cryptocurrency dubbed a "utimeme," aims to compete with other meme tokens by offering enhanced features and utilities.
HUH Token utilises an innovative referral system. A holder of HUH Token can refer others using the code provided at the time of purchase. The holder is then compensated 10% of the new person's first HUH purchase.
HUH Token is designed to increase in a holder's wallet incrementally over time using transaction fees, which means that the more tokens a person holds onto, the more tokens they continue receive.
Additionally, investors may be enticed by HUH Token's announcement of $1 million in liquidity, which will be locked in for at least two years to promote stability and security.
Telegram: https://t.me/HUHTOKEN
Website: https://huh.social
Twitter: https://twitter.com/HuhToken
Instagram: https://www.instagram.com/huhToken/
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