Analytics

MANA Technical Analysis: Bulls Remain Trapped Within Triangle

MANA coin price shows an overnight bullish recovery that continues the bullish cycle within the symmetrical triangle pattern. 

Key technical points:

  • The MANA coin shows an overnight growth of 11% 
  • The MACD indicator is on the verge of showcasing a bullish crossover
  • The 24-hour trading volume in the Decentraland’s token is $980 Million, indicating a 13% rise. 

Past Performance of MANA

MANA coin price sustains above the 200-day EMA and continues to rise with the support trendline. The lower price rejection drives the altcoin price 10% higher, resulting in the bullish engulfing candlestick. However, the rally is yet to surpass the 50-day EMA and exit the triangle pattern.

Source-Tradingview

MANA Technical Analysis 

The MANA coin price shows an increased buying pressure that may soon approach the resistance trendline of the triangle pattern. However, the triangle pattern breakout possibility depends upon the market recovery. The crucial daily EMAs show a bullish alignment with the 50 and 100-day EMAs moving sideways and teasing a potential bearish crossover. However, the triangle breakout will inflect a bullish recovery in the EMAs and avoid the crossover. The MACD indicator shows the fast and slow lines take a bullish stand after crossing into the negative territory. Hence, the lines are on the verge of a bullish crossover that will end the bearish histograms. The Stochastic RSI Indicator shows the K and D line rising higher in a linear progression, indicating a bull cycle in action. Moreover, the lines recently avoid a bearish takedown reflecting the bulls having a relatively more robust side.  In short, the MANA technical analysis projects a recovery within the triangle with the potential to surpass the resistance trendline. 

Upcoming Trend

The MANA coin price shows a bullish candle in the daily chart that reflects the bulls resurfacing to regain trend control. Therefore, traders can find short-term buying opportunities at current prices with the possibility of triangle breakout. Support Levels: $2.75 and $2.45 Resistance Levels: $3 and $3.6

   

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