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The metaverse tokens were one of the highest gainers of the early 2023 recovery rally. As a result, the Decentraland token(MANA) witnessed a significant inflow and triggered a U-shaped recovery from the low of $0.287. Furthermore, the MANA has soared 136% since January 1st and currently challenges a multi-month resistance of $0.73. Is it safe to buy now?
Key points:
- A Doji-type candle formation at $0.73 projects an intense supply pressure from above.
- The potential pullback can tumble the MANA price by 14-22%
- The 24-hour trading volume in the Decentraland token is $1.13 Billion, indicating a 132% rise.
Source-Tradingview
During the recent recovery, the MANA coin price breached multiple resistances to sustain the higher levels of the price chart. Moreover, the steady growth in volume activity is accentuated by the buyers’ commitment to maintaining a steady rally.
However, in the last two days, the MANA price has shown higher price rejection at the $0.73 resistance, suggesting the bullish momentum is getting exhausted. Therefore, potential buyers should be cautious before entering at this level, as the coin is likely to experience a minor pullback.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
This potential correction is valid as this MANA price has witnessed exponential growth in a short period. Therefore, with the profit booking from short-term traders and stabilizing the ongoing rally, the MANA price could show a temporary downfall.
Today the Decentraland token is down 2%, suggesting the ignition of the aforementioned reversal. This retracement could plunge the prices to $0.6 or 0.537 to recuperate the bullish momentum.
Anyhow, this downfall may offer a pullback opportunity for interested traders and reveal the formation of a famous bullish reversal pattern cup and handle.
Technical indicator
Relative Strength Index: the daily RSI slope spiked into the overbought region, indicating this metacoin has witnessed an aggressive rally in a short period, and therefore a pullback can stabilize the excess buying.
EMAs: the 200-day EMA moving around the $0.73 mark increases the resistance power of this level.
MANA coin price intraday levels
- Spot price: $0.69
- Trend: Bearish
- Volatility: High
- Resistance level- $0.73 and $0.823
- Support level- $0.676 and $0.6
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