MANA Technical Analysis: 200-day EMA Avoids $2.5 Fallout
Table of contents
The MANA coin price shows a halt in the symmetrical triangle pattern's bearish breakout trend. The downtrend halts near the 200-day EMA and propels the price higher to reach the $2.65 mark. However, the retracement may come as a retest of the triangle breakout and warns of a reversal.
Key technical points:
Past Performance of MANA
With the MANA coin price sustaining above the 200-day EMA and the psychological support $2.5, the post-breakout downtrend comes at a halt. The reversal from $2.5 reinforces the bullish powers and hints of a rally above $2.85. Moreover, the higher price rejection observed on 21st February marks a crucial rejection from the 50-day EMA, indicating high selling pressure.
Source-Tradingview
MANA Technical Analysis
The MANA coin price creates a bullish inside candle after the bearish candle of 7.80%. Hence, if the prices give closing above $2.70, a bullish signal will be generated.
The crucial 50, 100, and 200-day EMAs showcase a sideways trend with increasing chances of a bearish crossover of 50 and 100-day EMA. Moreover, the high selling pressure moving with the 50-day EMA promotes the thesis of a breakout below the 200-day EMA.
The RSI Indicator shows a downward trend as the RSI slope breaks continues the lower low formation with the central line fallout. Moreover, the parabolic fall in the 14-day SMA creates a bearish cloud of fear.
The MACD indicator shows the falling trend of the MACD, and signal lines get saturated, leading to a sideways movement. The negative direction of the MACD histogram hints at a bearish continuation.
In short, the MANA technical analysis projects the possibility of post-retest reversal of the triangle pattern.
Upcoming Trend
The MANA coin price action expects a short-term bullish trend before the potential reversal from the 50-day EMA. A post-retest downfall of 30% is possible, which will drive the prices below the 200-day EMA to the $2 mark. However, the sustenance above 50-day EMA will nullify the bearish theory.
Support Levels: $2.45 and $2
Resistance Levels: $2.85 and $3
