Planning To Buy Decentraland (MANA)? Charts Indicate Short Term Reversal

By Brian Bollinger
February 11, 2022 Updated February 11, 2022
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SAND And Mana Price Analysis: Metaverse Tokens Positive Today

The Decentraland (MANA) technical chart indicates a reversal to retest the bullish breakout of the cup and handle pattern in the daily chart. However, this brings a shorting opportunity in a shorter time frame. Should you consider this as a trading opportunity to sell? 

MANA Price Retests The Rounding Bottom Breakout 

TradingView ChartSource-Tradingview

On February 5th, the Decentraland (MANA) price gave a decisive breakout from the $3.1 neckline of the cup and handle pattern. However, the above retracement acts as a retest of this flipped support, providing a long entry opportunity

The sideways movement of the fast line in the MACD indicator showcases a bearish crossover possibility. 

The price action suggests the crucial support levels for MANA price at $3.10, followed by a horizontal level at $2.85 in the 4-hour chart. Meanwhile, the resistance levels are $3.45 and $3.85. 

Decentraland (MANA) Technical Analysis

  • The  daily-MACD Indicator lines enters the positive territory
  • The 20 and 50 EMAs provides a bullish crossover in the daily time frame chart
  • The intraday trading volume in the MANA coin is $734 Million, indicating a 27.8% loss.

TradingView ChartSource- Tradingview

The MANA price shows a retracement of 10.5% in the rising expanding channel. The price action resonates in a falling channel pattern from the resistance trendline. 

The altcoin price may find support near the high-demand confluence area near the $3.10. The support trendline, horizontal level of $3.10, and the 100-day EMA coincide to form the shared support.

Speaking of EMAs, the crucial exponential averages of 50, 100 and 200 maintain a bullish alignment in the 4-hour chart. 

The RSI indicator shows a Zig-zag movement of the slope near the 50% mark. However, the bearish divergence present near the $3.10 projects a downfall possibility. 

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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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