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Vikram
May 20, 2022
by Vikram

MANA Technical Analysis: Persistent Buyers Attempts Trendline Breakout

MANA
MANA prices face constant rejections from the resistance trendline but refuse to spiral down. So should you keep expecting a trendline breakout?

Key technical points:

  • MANA prices have increased by 5.75% in the last 24 hours.

  • The Vortex indicator hints at a trend reversal.

  • The 24-hour trading volume of Decentraland is $523 Million, reflecting a 20% rise. 

    • Past Performance of MANA

    MANA prices start a bull cycle within the falling expanding channel resulting in a 90% jump within two days, starting from the $0.70 mark. However, the bullish rally struggles to surpass the resistance trendline despite multiple attempts over the past week. These failed attempts led to a 15% bearish retracement to $1.10. 

    TradingView Chart

    MANA Technical Analysis 

    MANA price action showcases bullish attempts, but the sellers at the resistance trendline also fail to overtake trend control and kickstart a bear cycle. Hence, the chances of a bullish breakout increase steadily. 

    The crucial EMAs maintain a downtrend after the recent bearish crossover of the 100 and 200-day EMAs. However, the trendline breakout will lead to a bullish rally to the 50-day EMA.

    The RSI indicator approaches the halfway line with the 14-day SMA, reflecting a bullish reversal as the underlying sentiment for the meta token improves. This represents a gradual and significant rise in buying pressure and increases the trendline breakout chances.

    The Vortex indicator shows a high probability of a trend reversal as the bearish spread between the VI lines decreases. 

    In short, the MANA technical analysis displays a high likelihood of trend reversal with a trendline breakout.

    Upcoming Trend

    If the uptrend manages a bullish breakout of the resistance trendline, it will unleash the trapped bullish momentum and reach the 50 EMA, accounting for a 45% price. First, however, the rally must surpass the $1.50 resistance level to get the EMA. 

    Support Levels: $1.10 and $1

    Resistance Levels: $1.50 and $1.65

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    Decentraland MANA
    MANA Technical Analysis: Persistent Buyers Attempts Trendline Breakout
    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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