- MANA crypto price is trying to breakout the swing high at $0.3500 and forming higher high candles
- MANA price found stability at lower levels and prices may approach 50 day EMA in coming days
MANA crypto price is trading with mild bullish cues and buyers are trying to reverse the trend in the favor of bulls. In previous few sessions, prices recovered approx 16% from the recent lows and buyers seem to be betting for more upside in coming days. Currently, MANA/USDT is trading at $0.3226 with the intraday gains of 4.37% and 24 hour volume to market cap ratio stood at 0.0833
Will bulls be able to push the price above $0.5000 ?
On a daily time frame, MANA crypto prices are in a strong downtrend and slipping down by forming lower low swings. In November, MANA witnessed massive sell off from $0.7000 level and bear’s kept on dragging the prices down below $0.5000 level. Recently, bulls found little stability near $0.3000 level and showing some signs of temporary pullback rally in coming weeks.
As of now, MANA prices are still in the bear grip but may show some upside surprises for bullish investors but the 50 day EMA (yellow) sloping down will act as an immediate hurdle in coming days followed by next will at $0.5000 and $0.6000. On a lower side, $0.3000 will act as a strong support for bulls and if prices slipped below $0.3000 bear’s may try to drag the prices further down towards $0.2000 levels. The MACD had generated positive crossover indicating bullishness may continue in coming days and the RSI at 44 reversing upside from the oversold zone denotes beginning of the strength.
Will the pull back rally be sustainable ?
On a lower time frame, MANA prices are trading in the tight range between $0.2800 to $0.3400 and prices are likely to breakout on either side soon. The super trend indicator had generated a buy signal indicating the short term trend may work in the favor of bulls but the confirmation will come when bulls will be able to sustain above $0.4298 levels.
Summary
MANA prices are still in the bear grip but it may trigger some upside surprises for bullish investors. As per technical indicators, prices are reversing upside and are in the initial stage of reversal but the confirmation is still awaited. So, it’s better to avoid accumulating MANA at current levels. However, if bulls are able to reclaim $0.4298 level, prices may show more upside momentum towards $0.6000 and above levels.
Technical levels
Resistance levels : $0.4298 and $0.6000
Support levels : $0.3000 and $0.2500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/04/mana-price-prediction-will-mana-halt-the-downside-movement-at-0-3000/