MANA Price Prediction: MANA Price Teases Wedge Pattern Breakout; Is $0.28 Next?
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.
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.
Source-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.
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
- Is Changpeng “CZ” Zhao Returning To Binance? Probably Not
- Ripple-Backed Evernorth XRP Treasury’s Holdings Reach $1B Ahead of Nasdaq Listing
- Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
- Court Rules XRP as Property in Landmark WazirX Hack Case, Barred Redistribution
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Can Bitcoin Price Break $125k If President Trump Announces Deal with China on October 30th?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
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.
