MANA Technical Analysis: Sellers Taking Control Warns $3 Fallout
Table of contents
The MANA coin price showed a downfall of 3.57% yesterday to approach the $3 mark at the support trendline. The 50-day EMA coincides with the $3 mark resulting in the formation of a confluence support area. However, the increasing selling pressure observed over the last few days threatens the possibility of a fallout below the support zone.
Key technical points:
Past Performance of MANA
The MANA coin price increased by 72% from $2 to $3.5 between January 25th and February 8th. However, the rally failed to continue due to the high selling pressure and retraced back to $2.85. The coin price resonance results in a symmetrical triangle.
In the past 72 hours, the altcoin price resonated from $3.36 to the $3 mark accounting for a 12% fall and bringing the price to the support trendline. Hence, the surge in bearish power indicates the possibility of a downfall.
Currently, the market price of the MANA token is $3.01, with a 4.23% downfall in the last 24 hours. Moreover, the MANA/BTC pair fell by 3.23% in the past 24 hours.
Source-Tradingview
MANA Technical Analysis
The breakout of $3 will increase the overall bearish sentiment that warns of a downfall to $2.40. Moreover, the higher price rejection in the last three daily candles indicates a high possibility of a downfall to the 200-day EMA.
The crucial 50,100, and 200-day EMAs maintain a bullish alignment as the 50-day EMA provides support to the falling prices. However, the fallout of the 50-day EMA can result in a retracement to the 200-day EMA at $2.38.
The RSI Indicator shows the slope falling back at the 50% line as it fails to sustain above the 14-day SMA. However, the hidden bullish divergence in the price action is evident within the triangle pattern.
The MACD indicator shows a bearish crossover of the MACD and signal lines despite recently avoiding the same fate. Moreover, the start of bearish histograms projects the possibility of the lines crossing below the zero line.
In conclusion, the MANA technical analysis projects increased bearish trend momentum that may shortly break below the $3 mark.
Upcoming Trend
The MANA coin price resonates within the symmetrical triangle pattern and hints of a bearish fallout below the $3 mark. However, sellers must wait for the price action confirmation to avoid a bear trap.
Support Levels: $2.80 and $2.40
Resistance Levels: $3.35 and $3.60