The Decentraland (MANA) price has seen a constant downfall since it last tested the ATH at $5.9 on Nov ‘21. The falling altcoin found first support at $3 and has been beaten down from the sellers-driven trendline finding itself in a symmetrical triangle. The current sideways rally now retests the support trendline. Can buyers wrest control from sellers at this support?
Key technical points:
- On the daily-Stochastic RSI indicator, the K and D are heading for a bullish crossover
- The MANA price trading above the 200-day EMA maintains an overall bullish trend.
- The 24-hour trading volume in the Decentraland token is $445 Million, indicating a 17.46% loss.
Source-Tradingview
Taking a breather from February’s selloff, the buyers surged the price by 21%, hitting the overhead resistance zone at the 50-day EMA. However, the sellers mounted a stiff resistance and reverted the altcoin as it rests at a crucial support confluence of the 200-EMA and the ascending trendline.
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With the triple black crow formation and an attempt to break the crucial support at $2.4, the coin turns green, thus respecting the support and offering a sign of hope to the buyers.
The Stochastic RSI indicator shows the early onset of a bear cycle with the K and D lines taking a dive giving a crossover in the neutral zone. However, if buyers take over trend control near the support confluence, a reversal undermining the bearish crossover is possible.
Hope For MANA Grows With The Morning Star
Source- Tradingview
MANA price takes support with the long tail formation and creates a morning star pattern at the $2.4 support in the 4-hour chart. Hence, a trend reversal is possible to test the $2.66 mark coinciding with the 50-period EMA.
The 4-hour RSI indicator shows a bullish divergence in the last two lower low formations. However, the slope remains under a bearish influence as it fails to surpass the 14-period SMA. Hence, a breakout of the SMA will generate a short-term buying possibility.
Alternately, If MANA’s price plunged below the $2.4 support, the bears would step in and plummet the altcoin 8% to the weekly support of $2.20.
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