MANA Price Prediction: MANA Price Teases Wedge Pattern Breakout; Is $0.28 Next?

Brian Bollinger
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
SAND And Mana Price Analysis: Metaverse Tokens Positive Today

On Wednesday, the Decentraland(MANA) price turned green, displaying a 3.66% intraday. The bullish candle retests the resistance trendline of the falling wedge pattern, attempting a bullish breakout. However, the buyers would face multiple resistance on its path, trying to limit the potential rally.

Advertisement
Advertisement

Key points:

  • The declining 20-day EMA could soon nosedive below the 200-day EMA
  • MANA price is poised to break out of the wedge formation.
  • The 24-hour trading volume in the Decentraland token is $477 Million, indicating an 82.5% gain. 

TradingView ChartSource-Tradingview

The Decentraland(MANA) price showcased a slow and steady downfall within the falling wedge pattern. The correction phase started from the $3.5 level and has discounted the altcoin by 37%, hitting the $2.2 support.

This reversal pattern could kickstart a recovery rally once the price gives a genuine breakout from the overhead resistance. As price action narrows inside the wedge, we are likely to see a breakout soon. 

However, the technical chart shows the buyers need to overcome a confluence of resistance levels such as the descending trendline, 20 and 200 EMA. If they succeed, the bullish rally will hit a 22% high resistance of $2.88, followed by the $3.5.

The coin holders are exposed to a bearish breakdown until the pattern is intact, indicating a 22% downside risk. 

Advertisement
Advertisement

Technical indicator

The MANA price has recently nosedived below the 200-day EMA, indicating a bearish tendency. Moreover, a potential negative crossover among the 20-and-200 EMA could bolster a bearish fallout. 

The Relative Strength Index slope travels a sluggish rally below the neutral zone, maintaining negative sentiment among traders.

  • Resistance level: $2.5, and $2.88
  • Support level: $2.22, and $1.7
Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am 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. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.