MANA Technical Analysis: Falling Channel Breakout Brings New Bullish Zeal
MANA plays an important role in the virtual world of Decentraland and can be utilized for transactions within the ecosystem.
For example, having MANA can also allow users to use the platform to interact by creating their own avatars, communicating with other users, and exploring the metaverse.
Let us read ahead to know more about Decentraland token technical analysis.
Past Performance of MANA
The MANA coin price rose more than 12% in the past 24 hours resulting in a bullish engulfing candlestick in the daily chart. Moreover, the prices break above the falling channel pattern in the 4-hour chart.
Therefore, the rising bullishness provides an entry spot for traders at current prices.
MANA Technical Analysis
The MANA coin price shows a slight retracement in the 4-hour chart that can result in a retest. However, the growing attention and buying pressure can undermine the retest possibility and drive prices higher.
The previous swing highs before multiple support levels in high supply areas may oppose the rally. These levels are at $4 and $5.15.
The coin price breaks above the crucial EMAs - 50, 100, 200-day in the 4-hour chart. Therefore, we can observe the exponential moving averages providing dynamic support. Moreover, the rising 50- and 200-day EMAs can shortly give a golden crossover.
The RSI indicator at 67% in the 4-hour chart shows a sharp fall from the overbought zone. Therefore, the indicator signals a high possibility of a retest.
The MACD indicator gives a bullish breakout of the zero mark as MACD and signal lines rise higher. Moreover, the increasing gap between the lines hints at the continuation of the bullish trend.
Upcoming Trend
The bullish growth shows a sharp rise of the MANA coin price in the 4-hour timeframe. However, there is also a high possibility of a retest that will cause a short-term retracement. Therefore, traders can shortly find an entry opportunity at the retest.