NewsletterMANA Price Prediction: Will This Metacoin Make A Comeback In 2023?
The Decentraland token has been in a direction uptrend since the beginning of 2023. This rally, backed by the increasing volume of activity, reflects a sustained recovery for coin holders. By the press time, the MANA price traders a $0.4458, registering a 53.5% rise over the past five days. Moreover, this U-shaped recovery showed the formation of a rounding bottom pattern in the daily time frame chart, offering further growth for coin holders.
Key points:
- The $0.428 breakout sets MANA price for a 20% jump
- The 20-and-50-day EMA nearing a bullish crossover will attract more buyers in the market.
- The 24-hour trading volume in the Decentraland token is $319 Million, indicating a 14% fall.
Source-Tradingview
In technical analysis, the rounding bottom pattern is one of the most commonly observed in the bullish reversal pattern at market bottoms. The formation of the pattern reflects a display trend reversal, as the prior downfall switch in the recovery rally.
During the rally, the coin price breached several resistances, which offered higher footing for buyers to continue the upward march. Moreover, with a positive improvement in the market sentiment, the MANA price witnessed a significant inflow and jumped 8% on intraday.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Thus, with today’s bullish candle, this metacoin showed a decisive breakout from the $0.428 neckline resistance of the rounding bottom pattern. If the daily candle closes above the mentioned resistance, the underlying bullish momentum in intensify.
The post-breakout rally may drive the prices 20% higher to hit the $0.534 resistance.
On a contrary note., if the coin price drops below the $0.428 mark, the bullish thesis will get invalidated.
Technical indicator
Relative Strenght index: the daily RSI slope continues to rise higher, indicating no weakness in the ongoing recovery rally.
EMAs: the recent price jump has also breached the 20-and-50-day EMA, which now shifts them to a suitable support level.
MANA coin price intraday levels
- Spot price: $0.44
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.553 and $0.6
- Support level- $0.428 and $0.382
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.
Premium Partners
Related Articles
- U.S. Banks May Soon Issue Stablecoins as FDIC Proposes GENIUS Act Framework
- Breaking: U.S. SEC Ends Four-Year Investigation Into Aave Amid Ongoing DAO Saga
- Breaking: U.S. Jobs Data Comes In Above Expectations, Bitcoin Price Rises
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Crypto Attack of the Century? Solana Network Resists Historic DDoS With Zero Downtime
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
