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MANA Technical Analysis: Buyers Breaks Bearish Channel To Recover $1 

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MANA Technical Analysis: Buyers Breaks Bearish Channel To Recover $1 

MANA price chart shows an expanding channel breakout with an overnight reversal retaking the $1 threshold. Will the recovery rally surpass $1.50? Key technical points:

  • The MANA market value increased by 10.68% in the last 24 hours.
  •  The falling expanding channel breakout hints at recovery to $1.50.
  • The 24-hour trading volume of Decentraland is $264 Million, indicating a hike of 76.98%.

Past Performance of MANA MANA market value shows a bullish reversal from the $0.92 mark after the short-coming downtrend due to the rejection near the resistance trendline. The sudden reversal comes with a morning star pattern and leads to the descending expanding channel breakout. Furthermore, the breakout rally surpasses the crucial psychological mark of $1.

MANA Technical Analysis: Buyers Breaks Bearish Channel To Recover $1 

Source-tradingview

MANA Technical Analysis 

MANA coin price shows a bullish recovery with a small but significant rise in the trading volume, projecting bullish support to the breakout rally. Hence, the breakout rally has increased the chances of sustenance above $1. The MACD indicator displays the fast and slow lines keeping a bullish alignment as they get closer to their zero point while avoiding a bearish crossover. In addition, the bullish histogram speeds up following the resting phase, which indicates the revival of bullish powers. The Vortex and DMI indicators show a high likelihood bullish crossover event as the bearish spread decreases between the DI and VI. Hence, traders can expect the trend reversal crossover event as an entry spot. In a nutshell, MANA technical analysis indicates a high likelihood of a bullish rally sustaining above $1.

Upcoming Trend

If the breakout rally sustains above the $1 mark, MANA prices will reach the upcoming resistance level of $1.50 and increase the chances of reaching $2. However, a retracement to retest the broken is possible. Resistance Levels: $1.50 and $2 Support Levels: $1 and $0.69


Source: ethereum.today

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