The Decentraland (MANA) price recovery shows a minor pullback from the $3.5 resistance. The altcoin discounted around 20% and plunged to the $2.8 flipped support. If buyers could sustain this level, the altcoin would continue the recovery rally.
Key technical points:
- The 100-day EMA maintains the bullish trend in MANA
- The daily-MACD indicators line are on the verge of a bearish crossover
- The 24-hour trading volume in the MANA price is $984 Million, indicating an 8.5% rise.
Source-Tradingview
The V-Shaped recovery MANA/USD chart pushed the altcoin to the $3.5 resistance, indicating a 105% growth from the $1.72. However, the sellers mounted stiff resistance at this level and reverted the coin 20% back.
The lower price rejection candle at the $2.8 mark suggests the resistance has flipped to support, and the buyers would try to defend this level.
The Decentraland (MANA) price has sandwiched between the 100-day support and the shared resistance for 20-and-50-day DMA. A breakout from either of these levels should hint at the continuation of the following movement.
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The Moving average convergence divergence shows the MACD and signal line barely made above the neutral line during this recent recovery. However, the price reversal from the $3.5 resistance suggests a bearish crossover among these lines, indicating the indicator could enter the negative territory.
MANA Price Struggles To Pass Descending Trendline
Source- Tradingview
If MANA price rebound from the $2.8 support, it would indicate the bulls are accumulating on the dips. The resistance trendline breakout would provide extra confirmation for a bullish reversal and push the MANA price to rechallenge the overhead resistance of $3.5.
Contrary to the above assumption, if sellers pulled the price below the base support($2.8), the altcoin could sink $2.42.
- Resistance level: $3.5, $4
- Support level: $2.8, 2.4
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