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MANA Price Analysis: High Momentum Fall Tease $0.75 Breakdown

Published June 13, 2022

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The Decentraland(MANA) price spent around three weeks, consolidating between $1.13 to $0.92 levels. However, amid the growing sell pressure in the market, the altcoin breached the $0.92 range support and plunged 19.8% lower to $0.7 support. Thus, if selling pressure persists, the coin holder may also lose this support and sink to May’s low $0.061 mark.

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Key points:

  • The MANA price faces dynamics resistance from 20 day EMA
  • The six consecutive red candles in the daily time frame chart reflect a 28.5% fall
  • The 24-hour trading volume in the Decentraland token is $590 Million, indicating a 125% gain. 

MANA/USDT ChartSource-Tradingview

On April 29, the MANA/USDT pair pierced the January low support of $1.7-16.8, signaling the continuation of the prevailing downtrend. The post-rested fall depreciated the meta coin by 62.65%, plummeting to a low of $0.63.

However, a significant inflow from buyers to acquire MANA at this discount price caused a temporary recovery in price. However, the coin price couldn’t surpass the $1.36 resistance and reverted immediately.

This second bear cycle tumbled the MANA price by 44%, where its current trades at $0.755. Furthermore, the altcoin teases a breakdown from minor support of $0.745, indicating the sellers may pull the price back to the May low of $0.63.

However, the MANA price potential rebounds from the $0.63 mark would validate this level as genuine support.

Technical indicator

EMA: Since the MANA price witnessed an aggressive sell-off in April, the 20-day EMA has provided constant resistance for coin buyers. Moreover, a bearish sequence among these EMAs(20, 50, 100, and 200) accentuates an overall downtrend.

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Vortex indicator: The sharp spread between the VI+ and VI- slopes reflects aggressive selling from traders. Thus, the rising seller’s momentum bolsters the possibility of a $0.75 breakdown

  • Resistance level: $0.9, and $1.11
  • Support level: $0.75, and $0.6

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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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