MANA Technical Analysis: Next Bullish Stop for Rising Uptrend at $3
Decentraland (MANA) describes itself as a virtual-reality system powered by the Ethereum blockchain. It lets users create an experience and also earn money from content and apps.
Decentraland is also among the many projects that use the decentralized autonomous organizational (DAO) structure to govern decisions. In the end, MANA token holders have control in the way that the Decentraland world operates. It is done by proposing and deciding on updates to the policy and the particulars of the forthcoming LAND auctions, as well as the types of content allowed in the Metaverse.
Let us move ahead to read about Decentraland technical analysis.
Past Performance of MANA
The MANA coin price breaks above the long-coming resistance trendline with an extremely bullish week of more than 25% increase. The lack of a single bullish candle last week hints at a weakness in underlying bearishness. The token price stands above the crucial level of $2.5 and might soon burst to reach the $3 mark.
MANA Technical Analysis
The MANA coin price action gives a bullish breakout of a rounding bottom and the falling channel patterns in the daily chart. Therefore, traders can expect an upcoming bullish rally shortly.
The crucial Simple Moving averages show a recent bearish crossover of the 50 and 100-day lines. The support from the 200-day SMA pushes the price higher in the past week. Therefore, a rally to the 50-day SMA close to the $3 mark is possible.
The MACD indicator shows a bullish crossover of the MACD and signal lines in the daily chart. The rise of a bullish trend in histograms supports the rally hypothesis.
The RSI Indicator shows the slope exiting the oversold zone and rising above the 14-day SMA slope to reach the central line. The upcoming bullish rally will withstand the selling pressure if the RSI slope surpasses the 50% line.
Therefore, the phenomenal growth in the underlying trend momentum and buying pressure is evident by the price action and technical indicators.
Upcoming Trend
The MANA coin price shows a growth in the underlying bullishness with the breakout of multiple price patterns. Therefore, the upcoming trend will soon reach the $3 mark, coinciding with the 50-day SMA.
Buyers looking for entry spots at current prices need to keep tight stop loss close to the $2 mark as the short body of bullish candles threatens the possibility of a reversal.
At the time of writing, TradingView gives a "BUY" signal for the MANA token.