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Cryptoknowmics 2022-08-06 06:43:18

MANA Technical Analysis: Bullish Launch From $1 Eyes 40% Hike

The MANA prices attempt to beat the selling pressure at the $1 zone to reach the overhead resistance at $1.44. Should you be bullish on this Meta token? Key Technical Points: Decentraland (MANA) prices attempt a bullish breakout of the $1.10 mark to unleash the trapped momentum. The growing bullish influence over the SMAs teases a crossover event between the 50 and 100-day SMA. With a market cap of $1.95 billion, the intraday trading volume of Decentraland has increased by 11% to reach $287 million. Past Performance of MANA As mentioned in our previous analysis, the MANA price action shows a successful post-retest reversal from the broken resistance trendline. The market price halted near the 50-day SMA and reversed the trend with a Morning Star pattern. The reversal trend breaches the 100-day SMA and plans to exit the supply zone at $1. Since the morning star pattern, the market value has increased by 25% over the last 11 days, reflecting an increase in bullish momentum. Source – Tradingview MANA Technical Analysis The MANA price jumped 7.78% overnight, resulting in a bullish engulfing candle closing near the overhead resistance of $1.10. However, the prices are yet to exceed the supply zone, and traders hoping for a breakout rally must wait for a price action confirmation. The increasing trend momentum grows bullish influence over the simple moving averages, a potential crossover of the 50 and 100-day average line. The RSI s...

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