MANA price looks convinced to bring in more gains as it extends the previous week’s gains. An acceptance above the downside trend line will set up a roadmap for the continuation of the upside momentum.
- Mana price trades higher with respectable gains.
- A break above the descending trend line amid buying pressure will see more gains towards $3.40.
- The immediate downside could be found at the 50-day EMA at $2.62.
MANA price looks for further upside gains
On the daily chart, the MANA price is facing an upside barrier near the descending trend line from the highs of $3.55 made on February 9. However, the price stands comfortably above two crucial moving averages of 50-day and 200-day EMAs at $2.61 and $2.42 respectively.
In addition to that, the trading volume also supported the current price action. A break of the bearish slopping line will open the gates for further gains in the asset.
A daily close above the bearish trend line with sustained buying pressure will target the horizontal $3.20 resistance level.
Next, market participants will aim for the highs of February 16 at nearly $3.40.
On the flip side, a fall below the session’s low will invalidate the bullish theory for the price. The first downside target could be found at the 50-day EMA at $2.61.
A resurgence in the downside pressure would further exploit the horizontal support level at $2.40.
As of writing, MANA/USD is trading at $2.76, up 0.99% for the day with a 24-hour trading volume of $487,761,731 according to the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index traded above the average line. It currently reads at 60 which indicates the market is still far from over-heating.
MACD: The Moving Average Convergence Divergence inches above the midline with a bullish bias.
Trending Volume: The On Balance Volume indicator shows increased demand pressure along with gains in price.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/decentraland-price-prediction-mana-price-advances-toward-3-40-amid-sustained-buying-momentum/