The market participants showing strong interest in the discounted metaverse tokens have brought a significant recovery in Decentraland(MANA). Though the recent bullish reversal from $0.65 support doubled the altcoin price in just three days, the buyers still struggle to surpass the dynamic resistance trendline.
Key points:
- The MANA price faces supply pressure at a descending trendline.
- A possible reversal would encourage the MANA sellers to pull the price back to $0.65
- The 24-hour trading volume in the Decentraland token is $1.57 Billion, indicating a 27% gain.
Source-Tradingview
A symmetrical triangle pattern fallout on April 6th, outburst a strong selling momentum trapped within this 4-month consolidation. The price pattern bolstered MANA sellers to resume the prevailing downtrend and breach the immediate support level of $2.
Amid the recent sell-off in the crypto market, the downfall pierced through some additional support levels and marked $0.63 as the new 2022 low. Furthermore, the MANA sellers actively respond to a resistance trendline to maintain a steady downfall.
However, on May 13th, the MANA price bounced back from the $0.63 support and surged 106% to retest the descending trendline. Moreover, a high-wick rejection attached to the daily candle suggests that altcoin faces strong selling pressure.
Trending Stories
A possible reversal would encourage the MANA sellers to pull the price back to $0.63.
However, a significant rise in bullish reversal could assist traders to breakout from the overhead resistance and drive the altcoin price to the $2.8 mark.
Technical indicator
The Supertrend indicator highlights an overall downtrend and bolsters the reversal theory.
In addition, the daily-RSI slope shows significant divergence and follow-up rally contrary to the falling price, indicating the overextended selling has stabilized. However, if the divergence grows stronger, the altcoin may eventually breach the resistance trendline.
- Resistance level: $1.11 , and $1.66
- Support level: $0.62, and $0.4
- 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 ?
