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Vikram
Feb 18, 2022
by Vikram

MANA Technical Analysis: Bullish EMAs Ready To Reverse The Downfall

MANA
MANA Technical Analysis: Bullish EMAs Ready To Reverse The Downfall

MANA coin price faces the wrath of the sellers as the post-retest rally fails to continue the uptrend. Will the bulls go underground again?

The MANA coin price shows an early reversal in-between the rally to reach the $3.6 resistance zone. The price retraces 8% from $3.35 as the entire crypto market corrects overnight. Will the retracement result in the $3 fallout?

Key technical points:

  • The coin price fails to reach the $3.6 zone.

  • The market price is above the 50-day EMA. 

  • The 24-hour trading volume in the Decentraland token is $1.26 Billion, indicating a 10% rise. 

    • Past Performance of MANA

    With the entire market retracing to retest previous levels, MANA coin price cushions the fall significantly better than the other Meta tokens. With Enjin and SandBox tokens retracing almost 10% overnight, the market price of the governance token sustains above the 50-day EMA.

    The reversal from the $3.35 mark pushes the coin price lower to the $3 mark, resulting in an evening star pattern in the MANA/USD chart. However, the price action hints at a bearish continuation to the 50-day EMA.

    TradingView Chart

    MANA Technical Analysis 

    The MANA coin price action fails to continue the post-retest rally of the cup and handle breakout and struggles to avoid the $3 fallout. 

    The sideways movement of the crucial 50,100, and 200-day EMAs maintain a bullish alignment in the MANA/USD daily chart. Therefore, traders can expect a bullish reversal from the EMAs.

    The RSI Indicator slope shows a flattish movement in the nearly overbought zone between the halfway mark and the 14-day average. Despite the recent fakeout above the 14-day SMA, the indicator shows no signs of bearish divergence.

    The MACD indicator showcases the MACD and signals on the verge of a merger that may result in a bearish crossover above the zero line mark.

    In short, the technical indicators indicate that the bulls are not giving up easily. 

    Upcoming Trend

    The MANA coin price lacks the bullish commitment to regain the trend momentum necessary to drive the post-retest rally. However, the significantly less selling compared to the other Meta tokens represents the solid sentiments for the token in the market. 

    However, traders can find short-term selling opportunities as the price may soon test the 50-day EMA. As for long-term traders, a bullish reversal to the mark $4 mark is possible from the $2.80 mark.  

    Support Levels: $2.80 and $2.40

    Resistance Levels: $3.60 and $4

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    Decentraland MANA
    MANA Technical Analysis: Bullish EMAs Ready To Reverse The Downfall
    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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