Decentraland Price prediction: MANA Price Seeks 20% Jump Amid Bullish Formation

Rekha chauhan
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MANA

MANA price undergoes a downward trend as the bulls face rejection near swing highs. The ADA buyers failed to hold on to gains causing headwinds that weigh on any positive bullish sentiment.

  • MANA price extends the gains for the second session in a row on Tuesday.
  • A ‘hammer’ formation on the daily chart suggests gains toward $2.80.
  • However, the downside risk remains intact below $1.95.

As of press time, ADA/USD is trading at $2.16, up 3.50% for the day. The 24-hour trading volume of the cryptocurrency is holding at $326,452,119 as per the CoinMarketCap.

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MANA price looks for an upside reversal

Source: Trading view

MANA price is under the dominance of the bears after a firm rejection near the swing highs around $3.55. Further, the price fell below the critical 200-day and 50-day EMA (Exponential Moving Average) at $2.62 and $2.44 respectively. The upside pressure resulted in a long squeeze since April 7.

With a 10% loss over the weekend, bulls are being pushed against the support zone at around $1.95. Now, the formation of the ‘hammer’ pattern, which is a bullish formation indicates a bounce back is round the corner.

With the support of above an average volume, the price would jump to test the crossover of the crucial moving averages near $2.50. Next, market participant after crossing this hurdle will keep their eyes on March 31 high at $2.84.

On the other hand, a daily close below the $1.95 support zone would trigger a fresh round of selling in the asset. On moving down, MANA price could revisit the record low made in late January 22 near $1.70.

The stochastic oscillator shoots up from the oversold zone on April 18 indicating the presence of the bullish undercurrent. Another momentum oscillator attempts to move above the midline with receding bearish momentum.

 

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.