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Sanjay Shukla
Nov 12, 2022
by Sanjay Shukla

MANA Technical Analysis: Decentraland Below $0.50, Indicate Breakout Entry 

MANA Technical Analysis
According to technical analysis, the MANA price action displays a prolonged bullish weakness after falling below the crucial $0.50 support level. 

Decentraland (MANA) price actions have been swept away with the market sentiment which is overtly bearish after the FTX fiasco uncovered early this week. MANA also witnessed a strong downtrend losing over 7.64% in the last 24 hours. As the coin dropped below the crucial support level of $0.50, the selling pressure mounted in the market to further take down the price with the declining trend approaching the long-coming support trendline. The price struggled to cross the 50-day and 100-day EMAs, confirming the bearish trend as buyers are still waiting for a possible entry breakout. 

Key Points

  • The MANA price action shows a falling channel pattern with the prolonged downtrend 

  • The declining trend in the crucial daily EMAs indicates a long-term bearish trend

  • The intraday trading volume in MANA is $111.37 million

    • MANA Technical Analysis

    The MANA price actions seem to be consolidating as daily charts show despite maintaining a bearish trend, signaling a potential bullish reversal if the price again moves above $0.50. The persistent bearish trend accounts for a 33.84% drop in prices in the last 7 days. The prices struggle to move above the 100-day EMA. The 30.26% decrease in trading volume supports the high-price rejection candles increasing the possibility of a bearish breakout. As such sideline traders have to wait for a bullish entry opportunity.

    Technical Indicators

    RSI slope projects a bearish divergence moving below the halfway line, sharply diving from the overbought boundary. RSI teases the 14-day SMA for a bullish divergence indicating a buying opportunity for traders. Moving sideways along the midline, MACD lines also make a bearish crossover as the histogram turns bearish with signal lines making a choppy curve near the halfway line.

    Therefore, the MANA technical analysis supports the prolonged bearish trend, indicating a breakout possibility for the buyers. 

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    MANA Technical Analysis: Decentraland Below $0.50, Indicate Breakout Entry 
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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