Analysis

MANA Technical Analysis: Buyers Lose Consolidation Control

The MANA coin price faces a sudden increase in the selling pressure that can shortly breach the $2 mark and the 200-day SMA. Decentraland identifies itself as a VR platform built on the Ethereum blockchain which helps users to make, feel, and create an occupation from their content and applications. The metaverse was co-founded by Ariel Meilich and Esteban Ordano, despite stepping down from major positions at Decentraland they still work together as advisors. Let us move ahead to read about Decentraland technical analysis. Past Performance of MANA The MANA coin price action shows a downfall of more than 20% in the last week. The price fall leads into a consolidation move near the $2 support level as the price resonates to break and rise above the support level. However, the recent rejection from $2.35 creates a higher price rejection candle indicating an increase in selling pressure. Hence, the fall of 6.36% in the past 24 hours brings a selling opportunity.  MANA/USD Daily Chart MANA Technical Analysis The MANA coin price faces extreme selling pressure as it is more than 60% below its all-time high level of $5.50. Sellers can find an entry opportunity with the price closing below the $2 mark in the 4-hour chart.  The crucial Simple Moving Averages (50, 100, and 200) achieve a bearish alignment with the 50 and 100-day bearish crossover. The 200-day SMA helps sustain the price above $2.  The RSI Indicator shows a decline in the slope as it resonates slightly above the oversold zone in the daily chart. The 14-days SMA maintains a falling trend and can shortly breach the 50% line.  The DMI Indicator shows an incredible rise in the ADX slope as it approaches 30%, reflecting a boom in the trend momentum. The -DI line is significantly higher than the +DI line indicating a downtrend in action. Thus, the downtrend in MANA gains momentum and might shortly break below the 200-day SMA. Upcoming Trend The MANA coin price rests close to the crucial psychological support of $2 as fear grips the wider crypto market. Hence, traders can shortly find selling opportunities at current prices or the breakout of the 200-day SMA. Sellers can target the level of $1.70 and $1.30, as they remain in high-demand areas. In case of a bullish relief near the 200-day EMA, a reversal above $2 to 2.35 or $2.65 is possible. At press time, TradingView maintains a “SELL” sentiment for the MANA coin. Technical Analysis for MANAUSD
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