The failed bullish attempt within the triangle pattern keeps the MANA coin price trapped within symmetrical triangle pattern. However, the crawling prices at the support trendline and the selling pressure of the 50-day EMA give off a definite bearish vibe. Will the bears outgrow the triangle, or is a bullish reversal is in order?
Key points:
- The MANA chart shows a triangle pattern in the daily chart
- The MANA buyers trying to reclaim the 200-day EMA
- The 24-hour trading volume in the Decentraland token is $326 Million, indicating a 4% fall.
Source-Tradingview
On March 16th, the MANA price experienced a surge in underlying bullishness resulting in a price jump of 9.63%. However, the rally struggled to sustain the increased buying pressure as a sector-wide consolidation was observed in meta tokens.
The Decentraland token shows a symmetrical triangle pattern in action that has kept the bullish momentum trapped under the betrayal influence of the long-coming resistance trendline. On the other hand, the meta token price crawls at the support trendline and hints at a bullish reversal.
If the buyers regain trend control, the traders can expect a 25% jump to the descending trendline, resulting in the breakout of the $3 mark.
If the buyers fail to shine, the bearish breakout of the symmetrical triangle becomes inevitable. The fallout rally could reach the $2 mark, accounting for an 11% fall.
Currently, the MANA price exchanges at $2.41, with an intraday fall of 0.44%.
Technical indicator
The MANA price trades close to the 200-day EMA but below the 50-day EMA, maintaining a downtrend and warning of a death cross possibility.
The volatility indicator shows the VI lines merging and preparing a bullish crossover shortly. This indicates the possibility of a trend reversal and increases the chances of a bullish triangle breakout.
- 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/mana-price-prediction-trapped-momentum-within-triangle-ready-to-spike-should-you-keep-a-bullish-mindset/