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The Decentraland(MANA) price shows a bullish reversal from the $0.70 mark resulting in the symmetrical triangle pattern in the daily chart. With the help of the support trendline, the buyers keep the market price floating above the $0.80 mark. Thus, the increased bullish influence prepares a breakout attempt to exceed the resistance trendline of the triangle pattern. Should you consider this breakout as an opportunity to buy this token?
Key points:
- The MANA price has resonated within a symmetrical triangle pattern for nearly two months.
- Positive divergence in the RSI chart favors a bullish breakout triangle pattern
- The 24-hour trading volume in the Decentraland token is $242.2 Million, indicating an 11% gain.
Source-Tradingview
Following the April-May bloodbath, the MANA/USDT pair started walking a lateral path. Moreover, the failure of market participants to surpass either swing high or low indicates uncertainty among traders.
However, the technical chart reflects this consolidation in a symmetrical triangle pattern, which should bring a directional rally in MANA price. Anyhow, the late June sell-off in the crypto market triggered a bear cycle within this pattern and tumbled the altcoin by 20%
Furthermore, the rising support trendline replenished the bullish momentum, and the MANA price recovered 12.5%.
Moreover, the symmetrical triangle pattern is a continuation pattern that extends the prevailing trend after a short pause. However, the pattern holds a possibility of breaking on either side.
Thus, a possible breakout from the overhead resistance may surge the MANA price 50% higher to the $1.35 mark.
Conversely, the support trendline breakdown may plunge the price back to the May low of $0.627.
Technical indicator
RSI indicator: Despite a range rally, the daily-RSI slope trending higher indicates a steady rise in underlying bullishness. Thus, the indicator may soon renter the bullish territory.
Bollinger band indicator: With the recent price jump, the MANA price breached the indicator’s midline, which has provided constant resistance since the MANA price. However, the upper band aligned with the descending trendline increases the resistance of the overhead barrier.
- Resistance level: $0.93 , $1.12
- Support level: $0.76, $0.62
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