MANA Technical Analysis: 20% Downfall Wipes Out Bullish Sentiments
Key technical points:
Past Performance of MANA
MANA coin price trades at $2.76 with a downfall of 4.46% in the past 24 hours resulting in the fallout of $2.80 horizontal level. Moreover, the downfall breaks the 50 and 100-day EMAs.
In the past week, the downfall accounts for more than 20% resulting in multiple bearish engulfing candles in the daily chart. This sudden fall indicates a sharp rise in trend momentum.
Source-Tradingview
MANA Technical Analysis
The rejection from the $3.5 resistance zone pushes the MANA prices lower resulting in the fallout of $3. Hence, the 20% downfall last week creates havoc in the minds of investors.
The fallout of 50 and 100-day EMAs drive the prices lower to the 200-day EMA. Moreover, the falling trend in the 50 and 100-day EMA might shortly give a bearish crossover.
The MACD indicator shows the fast and slow lines struggling to sustain above zero line mark as it gives a bearish crossover. Hence, the indicator suggests a bearish continuation.
The Accumulation/Distribution Indicator shows a slight fall in the slope as the MANA prices show a correction phase. Hence, the direct correlation in the coin price and the slope indicates a likely continuation of downtrend.
Hence, the technical indicators showcase a high possibility of a downtrend to the $2.40 mark.
Upcoming Trend
In the MANA/USD chart, the downfall continues as the prices break below the $2.80 horizontal level. Moreover, the technical indicators showcase the likely continuation in the correction phase. Hence, traders can shortly find a selling opportunity as the candle closes below the $2.80 mark.
Support Levels:$2.40 and $2.20
Resistance Levels: $2.80 and $3
