Published 11 seconds ago
The Decentraland token has been in a direction uptrend since the beginning of 2023. This rally, backed by the increasing volume of activity, reflects a sustained recovery for coin holders. By the press time, the MANA price traders a $0.4458, registering a 53.5% rise over the past five days. Moreover, this U-shaped recovery showed the formation of a rounding bottom pattern in the daily time frame chart, offering further growth for coin holders.
Key points:
- The $0.428 breakout sets MANA price for a 20% jump
- The 20-and-50-day EMA nearing a bullish crossover will attract more buyers in the market.
- The 24-hour trading volume in the Decentraland token is $319 Million, indicating a 14% fall.
Source-Tradingview
In technical analysis, the rounding bottom pattern is one of the most commonly observed in the bullish reversal pattern at market bottoms. The formation of the pattern reflects a display trend reversal, as the prior downfall switch in the recovery rally.
During the rally, the coin price breached several resistances, which offered higher footing for buyers to continue the upward march. Moreover, with a positive improvement in the market sentiment, the MANA price witnessed a significant inflow and jumped 8% on intraday.
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Thus, with today’s bullish candle, this metacoin showed a decisive breakout from the $0.428 neckline resistance of the rounding bottom pattern. If the daily candle closes above the mentioned resistance, the underlying bullish momentum in intensify.
The post-breakout rally may drive the prices 20% higher to hit the $0.534 resistance.
On a contrary note., if the coin price drops below the $0.428 mark, the bullish thesis will get invalidated.
Technical indicator
Relative Strenght index: the daily RSI slope continues to rise higher, indicating no weakness in the ongoing recovery rally.
EMAs: the recent price jump has also breached the 20-and-50-day EMA, which now shifts them to a suitable support level.
MANA coin price intraday levels
- Spot price: $0.44
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.553 and $0.6
- Support level- $0.428 and $0.382
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.
