MANA Technical Analysis: MANA Prices Ready For A 30% Jump
Table of contents
Key Technical Points:
Past Performance of MANA
The Decentraland (MANA) prices form an ascending triangle pattern in the daily chart, with the supply zone at $1.10 as the overhead resistance. As we mentioned in our previous article, the bullish reversal from the support trendline sustains above $1 but struggles to exceed the supply zone. However, the recovering market conditions increase the likelihood of an uptrend continuation with a bullish breakout. Additionally, the uptrend over the past month accounts for a 40% price jump representing an overall bullish inclination in the underlying sentiments.
Source - Tradingview
MANA Technical Analysis
The higher price rejection in the daily candles keeps the MANA prices within the supply zone, avoiding a bullish breakout. That is why traders hoping to write the bullish trend must wait for a daily candle to close above the $1.10 mark.
The bullish turnaround in the 50-day SMA reflects a high possibility of a bullish crossover with the 100-day SMA.
The daily RSI slope maintains a diagonal uptrend close to the 14-day SMA in the nearly overbought zone. However, the declining bullish gap between the fast and slow lines warns of a bearish crossover in the MACD indicator.
In a nutshell, the MANA technical analysis maintains a bullish inclination but suggests the traders should wait for a candle to close above the $1.10 mark.
Upcoming Trend
If the MANA price action prices with the sellers at $1.10, the prolonged uptrend will hit the $1.33 swing high, accounting for a 33% price jump.
However, a breakdown below the support trendline will test the 50 Day SMA slightly above the $0.90 mark.
Resistance Levels: $1.10 and $1.33
Support Levels: $0.90 and $0.77