- 1
MANA price is currently trading at $0.6341 while seeing a change of 0.01% in 24-hour trading volume. - 2
The asset is observing a decline of 1.56% in the last 24 hours. - 3
The price of MANA can see a bearish reversal in the near future
MANA’s price is currently providing some ominous indications. It recently saw a sudden surge in price near early January when it took support from $0.3000 and made a prodigious rally of around 90%. And after making a small correction it made another attempt to continue the uptrend. However, the price was unable to cross above its previous major resistance levels.
The price made several attempts to break above the resistance level however the sellers started stepping in the price action and after making a second attempt the price MANA after making a head and shoulder pattern made a bearish reversal; losing 24% of its value. Nevertheless, it seems like the Bulls are not ready to surrender the trend. Although their attempts might go in vain as there is a significant presence of sellers in the trend.
MANA Price Making a Double Top Pattern
As of now, the price is making another endeavor to resume its uptrend. MANA’s price, since taking support from $0.4000, made a bullish rally of 30%, attempting to break above the 200 EMA after facing rejection from the resistance level. It is currently making another attempt to make the breakout.
However, the MANA has many factors against it which are increasing the probability of a bearish reversal. The price is making a reversal from the 200 EMA; making a bearish candlestick pattern. The stochastic RSI is taking trading near the overbought zone while the price is moving to previous resistance level at the neck of the head and shoulder pattern.
Technical Analysis of MANA price
The RSI line is moving above the median line; taking consistent support from 14 SMA. Currently, the RSI presents a bullish perspective. The value of the RSI line as of now is 56.99 points, while the 14 SMA is providing support at 52.25 points.
The stochastic RSI is trading at the overbought level of 93.62 points. The present situation suggests that the Stochastic RSI may take a bearish reversal if the %K line crosses below the %D line.
Conclusion
According to the analysis, MANA price can take a bearish reversal from the current resistance levels. While the RSI line is trading at a bullish trend all the other indicators are in favor of a reversal.
Technical levels –
Support -$0.5000 and $0.4000
Resistance – $0.8000 and $0.7000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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/2023/04/15/mana-price-analysis-mana-price-gives-a-prophecy-of-catastrophe/