On March 7th, the Decentraland(MANA) sellers took the final leap and breached the continuation symmetrical triangle pattern. Today, the coin price gives a retest to the breached support where the long-wick rejection candle suggests a potential 15% fall.
- The MANA chart shows higher price rejection at its flipped $2.4 resistance
- The 24-hour trading volume in the Decentraland token is $430 Million, indicating an 8% gain.
Over the past two months, the MANA/USD pair resonated within a symmetrical triangle pattern. Furthermore, the recent correction phase initiated from the February 9th high($3.54) devalued the altcoin by 33% and plunged to the $2.4 support.
The coin chart shows a confluence of important technical support at the $2.4 level, i.e., the 200-day EMA and ascending trendline. The bulls were expected to defend this support and drove the price higher; however, on March 7th, a bearish breakdown from this level indicated the triangle pattern revolved in the bear’s favor.
Today the MANA price turned green, and tried to reentry the triangle pattern. However, the sellers immediately rejected the coin price, and the long-wick candle formation highlights that the support has flipped to support.
The renewed selling pressure could slump the altcoin by16%, bringing it back to the January low support at $2.
Alternately, If the buyers could push the coin price above the $2.4 mark, the resulting fakeout would surge the price to $2.8.
The buyers lost their last line of EMA defense(i.e., 200), providing an excellent edge for short-sellers. Moreover, a negative crossover of the 50 and 100 EMA intensifies the selling momentum.
The MACD indicator shows that the fast and slow are gradually lower in the bearish territory, indicating the sellers dominate.
- Resistance level: $2.4 , $2.8
- Support level: $2, $1.7
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?