- The token has shown bearish actions in the previous sessions.
- The pair of MANA/USDT is trading at the price level of $0.6900 with a gain of 1.90% in the past 24 hours.
The token has shown strong signs of bullish momentum and has gained more than 150% in the past few weeks. It remains to be seen if the bulls can continue the bullish momentum or not.
MANA token on the daily chart
The token is trading at the demand zone on the daily time frame. As we can see on the daily chart, MANA token is currently trading at $0.6900 with a gain of 1.90% in the past 24 hours. The token has faced rejection from the $0.7929 resistance level and has crossed below the 200 EMA and is trading between its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is expected to bounce off the demand zone and continue the bullish momentum.
Relative Strength Index: The RSI curve of the asset is currently trading at 51.32 just above the halfway mark of the point line. The RSI curve has declined as the token has shown bearishness in the past few days. The RSI curve has crossed the 14 SMA downward indicating the token is bearish. If the token bounces off the demand zone and continues the uptrend the RSI curve will increase even further.
Analyst view & Expectations
The bears strongly reject the token at the resistance level, as shown by the formation of strong bearish candles on the daily time frame. The bulls should be able to hold the $0.6541 level in order to continue the uptrend. Investors are advised to hold their buys and wait for the token to break above the resistance level and then buy. Whereas, intraday traders gave a good opportunity to go long once the token breaks above the resistance level and book the profits.
According to our current Decentraland (MANA) price projection, the value of Decentraland (MANA) is expected to climb by 81.65% by the next few days, reaching $ 1.242933. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 48. (Neutral). Over the previous 30 days, Decentraland had 17/30 (57%) green days and 14.95% price volatility.
Technical Levels
Major support: $0.6541 & 50 EMA on the daily chart.
Major resistance: $0.7929 & 200 EMA on the daily chart.
Conclusion
After being rejected at the resistance level the token is finding support at the demand zone. It remains to be seen if the bulls can overpower the bears and continue the upward trend or not.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/10/mana-price-analysis-bears-coming-to-end-the-party-of-the-bulls/