MEXCMANA Price Analysis: Can Trendline Breakout Free MANA From Ongoing Consolidation
On July 13th, the Decentraland (MANA) price showcased its third reversal from the $0.76 support. The resulting run-up registered a 23.5% pump and breached the intermittent resistance of the descending trendline and the $0.94 level. Sustaining this breakout, the altcoin could reclaim the $1.13 mark.
Key points:
- The long-tail rejection candle monthly chart shows a high demand zone near $0.76 to $0.63 support
- The descending triangle breakout should drive the MANA price to $1.34
- A breakdown from $0.93 support would invalidate the bullish thesis
Source-Tradingview
While the crypto market grappled with uncertainty over the past two months, the MANA price action shaped into a descending triangle pattern. Such a bearish pattern usually encourages the continuation of the prevailing downtrend, with the breakdown of neckline support($0.76).
However, with the crypto market witnessing improvement in market sentiment since last week, the MANA price gave a bullish breakout from the pattern’s resistance trendline. Furthermore, with increasing volume, the altcoin jumped $6.3% today, currently trading at the $0.97 mark.
Meanwhile, the recovery has pierced a resistance zone of $0.94-$0.93, offering a higher footing for buyers to continue this rally. This robust rally will likely provoke a retirement to stabilize the buying pressure.
The expected pullback may retest the $0.93 flipped support to bolster the further rally. The potential rally should soar the MANA price 15.5% higher to hit $1.13.
Anyhow, as per the technical setup, the triangle pattern should lead the recovery rally to the $1.34 mark.
Conversely, if buyers fail to sustain above the $0.93 mark, the sellers may sink the MANA price back to $0.76 and continue the prevailing consolidation.
Technical indicator
MACD Indicator: the fast and slow showcased a constant rally despite the falling price action, indicating growth in underlying bullishness. Moreover, the indicator shows a sharp spread between these lines accentuating a fast recovery rally.
ADX Indicator: A significant drop in ADX slope projected a loss of bearish momentum, which increases the buyers’ chances of maintaining a stable rally.
- Resistance level: $1.13 , $1.34
- Support level: $0.94-$0.93, $0.76
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