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Vikram
Mar 31, 2022
by Vikram

MANA Technical Analysis: Buyers Finally Break The Formidable Trendline 

MANA
MANA coin price shows a bullish recovery surpassing the long-coming trendline. Will this breakout shape a new upside trend?

Key technical points:

  • MANA prices gained 25% in the last ten days.

  • Next, the meta token price surpasses the 100-day EMA.

  • Finally, the 24-hour trading volume of Decentraland is $544 Million, marking a 13% rise.

    • Past Performance of MANA

    MANA coin price action shows a long coming resistance trendline in the daily chart that has crushed multiple bullish recoveries. However, the recent reversal from the $2 mark accounts for a 25% price jump and tests the confluence of the resistance trendline and the $2.81 horizontal level. 

    TradingView Chart

    MANA Technical Analysis 

    MANA prices show a symmetrical triangle pattern in the daily chart with the uptrend testing confluence of resistance trendline and $2.81 level. However, the long-wick formation warns of a bearish reversal. 

    The crucial daily EMAs (50, 100, and 200-days) strive to regain the bullish alignment with the 50 and 100-day EMA crossover. Meanwhile, the 200-day EMA stands strong at $2.45 and continues the sideways trend.

    RSI Indicator: The RSI slope crosses above the halfway mark and shows a bullish continuation above the 14-day SMA. Hence, the indicator reflects a solid underlying bullishness. 

    MACD Indicator: The MACD and signal lines significantly spread as they surpass the zero value mark. Moreover, the rising trend in bullish histograms highlights a solid underlying bullishness.

    In a nutshell, the MANA technical analysis shows a bullish bias and projects a high likelihood of a bullish breakout.

    Upcoming Trend 

    The MANA coin price experiences a growth in buying pressure that may start a breakout rally shortly. The rally might cross the psychological barrier at $3 and reach the $3.5 mark, accounting for a 25% price jump.

    Support Levels: $2.60 and $2.50

    Resistance Levels: $3 and $3.5

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    Decentraland MANA
    MANA Technical Analysis: Buyers Finally Break The Formidable Trendline 
    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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