MANA Technical Analysis: Will Sellers Retake $2 Mark?

Key technical points:

Past Performance of MANA

MANA coin price action formed a symmetrical triangle pattern under the influence of the long-coming resistance trendline and the short support trendline. The trapped momentum within the triangle resulted in a sideways trend for the crucial EMAs. However, yesterday's fall in the crypto market influenced a bearish outgrowth in the meta coin resulting in the triangle fallout.

Source-Tradingview

MANA Technical Analysis 

MANA coin price action fell by 15% in the last week resulting in a support trendline fallout with a bearish engulfing candle of 9.04%. However, the new daily candle retests the breakout with increased bullish momentum. Therefore, the chances of price jumping back within the triangle increases. 

The sideways trend of the crucial daily EMAs gets a bearish hit as the prices fall under $2.45. Hence, the chances of 50 and 100-day EMA get replaced by the threat of a death cross.

RSI Indicator: The RSI slope showcased sustenance above the halfway mark with the support of the 14-day average. However, the sudden bearish spike cuts into the nearly oversold zone and reflects a boom in selling pressure.

MACD Indicator: The MACD and signal lines give a bearish crossover and start a negative trend to approach the zero line. Moreover, the fresh start on negative MACD histograms reflects the solid underlying bearishness.

In a nutshell, the MANA technical analysis shows a surge in selling pressure, but the bullish fightback brings a strong reversal possibility.

Upcoming Trend 

MANA coin price crossing below the $2.45 mark, generating a selling signal if the bears step in at the broken trendline retest. Hence, closing below $2.31 in the 4-hour timeframe can be a bearish entry spot.

Support Levels: $2.20 and $2

Resistance Levels: $2.45 and $2.60