MANA Technical Analysis: Bears Outgrow The Falling Channel

Key technical points:

Past Performance of MANA

MANA coin price maintains a downtrend within a falling channel starting from the rejection at $3.5 in early February 2022. The bearish pattern accounts for deflation of 45% in the past months and the $2 fallout. However, the recent surge in bearish pressure on the 26th of April results in a bearish engulfing candlestick breaking below the support trendline. 

Source-Tradingview

MANA Technical Analysis 

The MANA coin price retests the bearish breakout of the falling channel pattern to continue the downtrend under the psychological mark of $2. Moreover, the currently forming bearish candle breaks below the weekly low of $1.80. 

Striving for a bearish alignment, the falling trend of the crucial 100 and 200-day EMA influences high selling pressure. Hence, the indicator projects a much more likelihood of a downtrend continuation. 

MACD Indicator: The MACD and signal lines maintain a falling trend below the zero line after sabotaging a bullish crossover reflecting a solid underlying bearishness. The MACD histograms support a bearish trend reflecting a high downtrend possibility. 

RSI Indicator:  The RSI slope shows an incremental uprise in the bearish powers as it enters the oversold zone under the 14-day SMA influence.  

In a nutshell, the MANA technical analysis forecasts a downtrend continuation to the $1.5 mark.

Upcoming Trend 

MANA coin price action shows a solid bearish influence as the downtrend breaks under the $1.70 mark while the trend gains momentum. Hence, the possibility of the downtrend reaching the $1.50 mark increases. Therefore, traders can find selling opportunities at the current market price.

Support Levels: $1.50 and $1.20

Resistance Levels: $2 and $2.25