In less than three weeks the MANA/USD pair has doubled in value. The V-shaped initiate from $1.8 support has knocked several resistances and has reached its current price of $3.3. The bulls have recently reclaimed this $3 mark, and with sufficient sustainability, the metacoin should continue to march north.
Key technical points
- The 20-day SMA curving up accentuates the ongoing rally
- The daily-MACD indicators line are on the verge of crossing above the midline
- The 24-hour trading volume in the Decentraland token is $1.17 Billion, indicating a 21.5% rise.
Source- Tradingview
In the previous Decentraland (MANA) price analysis, CoinGape summarized the growth of 35% after the falling channel pattern breakout. The rally broke above the crucial mark of $3 and showed significant signals of sustenance.
However, at present, the MANA/USD chart shows the altcoin struggling to rise above the $3.45 mark, leading to a potential bearish piercing candlestick. Under the bear’s influence, the coin price may soon test the support level.
The MANA price attempts to maintain the trend above the 100-day SMA. Meanwhile, the rising 20 SMA suggests sellers are losing their grip.
The MACD indicator shows the fast and slow lines rising above the zero line mark with a rising trend in bullish histograms. Therefore, the indicator shows a solid uptrend in action.
Decentraland (MANA) Price Struggles at $3.4
Source- Tradingview
Along with the $3 breakout, the buyers have also reclaimed the 100-day SMA. If bulls sustain the $3.1 mark, it would confirm this resistance has flipped to support and plunge the altcoin to the next target at $3.88.
Contrary to the above assumption, if sellers refuse to give up on the $3.4 resistance, the coin price could violate the base support and sink to $2.5.
The technical indicates crucial resistance levels present at $3.44 and $3.88. On the opposite end, the support levels are present at $3.1 and $2.9.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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