Decentraland (MANA) price has been resonating inside a symmetrical triangle for the past several weeks. The weekly chart shows four consecutive red candles, which plunged the altcoin to the support trendline of the triangle pattern. A bullish reversal from the $2.4 support would continue the range-bound rally in MANA.
Key points:
- The MANA chart shows a bearish crossover among the 20 and 50-day MA
- The 24-hour trading volume in the Decentraland token is $408 Million, indicating a 34.5% gain.
Source-Tradingview
The correction phase initiated during February’s second week tumbled the MANA/USDT pair by 32% and slumped it to $2.4. Last week the buyers tried to bounce back from this support($2.4) and drove the altcoin to immediate resistance of $2.8.
However, the sellers maintained a strong defense at this level and reverted the coin price to swing low support. The technical chart shows a symmetrical triangle pattern in play with the MANA price currently located at the bottom support trendline.
The MANA price moving above the 200-day MA maintains a bullish tendency. However, a bearish crossover of the 20-and-50-day MA bolsters the sellers to extend the correction rally.
The Stochastic RSI indicator shows a steady bear cycle with the K and D lines diving into the oversold region. Furthermore, the oversold indicator value could help buyers surge the coin to higher levels.
Doji Candle Halts Ongoing Price Correction.
Source- Tradingview
The MANA chart shows a daily-Doji candle at the shared support of $2.4 and 200-day MA, suggesting indecision in the market. A bullish reversal from this level would indicate the traders are buying at this dip and would rally to the overhead resistance.
Alternately, If the sellers plunged the altcoin below the $2.4 support, the renewed selling pressure would sink the price by 16.5%, hitting the $2 psychological level.
- Resistance level: $2.83 , $3.48
- Support level: $2.4, $2
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-today-can-the-support-confluence-prevent-the-mana-price-from-further-meltdown/