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Vikram
May 31, 2022
by Vikram

MANA Technical Analysis: Buyers Breaks Bearish Channel To Recover $1 

MANA Technical Analysis
MANA price chart shows an expanding channel breakout with an overnight reversal retaking the $1 threshold. Will the recovery rally surpass $1.50?

Key technical points:

  • The MANA market value increased by 10.68% in the last 24 hours.

  •  The falling expanding channel breakout hints at recovery to $1.50.

  • The 24-hour trading volume of Decentraland is $264 Million, indicating a hike of 76.98%.

    • Past Performance of MANA

    MANA market value shows a bullish reversal from the $0.92 mark after the short-coming downtrend due to the rejection near the resistance trendline. The sudden reversal comes with a morning star pattern and leads to the descending expanding channel breakout. Furthermore, the breakout rally surpasses the crucial psychological mark of $1.

    TradingView Chart

    MANA Technical Analysis 

    MANA coin price shows a bullish recovery with a small but significant rise in the trading volume, projecting bullish support to the breakout rally. Hence, the breakout rally has increased the chances of sustenance above $1. The MACD indicator displays the fast and slow lines keeping a bullish alignment as they get closer to their zero point while avoiding a bearish crossover. In addition, the bullish histogram speeds up following the resting phase, which indicates the revival of bullish powers.

    The Vortex and DMI indicators show a high likelihood bullish crossover event as the bearish spread decreases between the DI and VI. Hence, traders can expect the trend reversal crossover event as an entry spot. In a nutshell, MANA technical analysis indicates a high likelihood of a bullish rally sustaining above $1.

    Upcoming Trend

    If the breakout rally sustains above the $1 mark, MANA prices will reach the upcoming resistance level of $1.50 and increase the chances of reaching $2. However, a retracement to retest the broken is possible.

    Resistance Levels: $1.50 and $2

    Support Levels: $1 and $0.69

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    MANA Technical Analysis: Buyers Breaks Bearish Channel To Recover $1 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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