2022-05-20 08:23:11

MANA Technical Analysis: Persistent Buyers Attempts Trendline Breakout

MANA prices face constant rejections from the resistance trendline but refuse to spiral down. So should you keep expecting a trendline breakout? Key technical points: MANA prices have increased by 5.75% in the last 24 hours. The Vortex indicator hints at a trend reversal. The 24-hour trading volume of Decentraland is $523 Million, reflecting a 20% rise. Past Performance of MANA MANA prices start a bull cycle within the falling expanding channel resulting in a 90% jump within two days, starting from the $0.70 mark. However, the bullish rally struggles to surpass the resistance trendline despite multiple attempts over the past week. These failed attempts led to a 15% bearish retracement to $1.10. Source-Tradingview MANA Technical Analysis MANA price action showcases bullish attempts, but the sellers at the resistance trendline also fail to overtake trend control and kickstart a bear cycle. Hence, the chances of a bullish breakout increase steadily. The crucial EMAs maintain a downtrend after the recent bearish crossover of the 100 and 200-day EMAs. However, the trendline breakout will lead to a bullish rally to the 50-day EMA. The RSI indicator approaches the halfway line with the 14-day SMA, reflecting a bullish reversal as the underlying sentiment for the meta token improves. This represents a gradual and significant rise in buying pressure and increases the trendline breakout chances. The Vortex indicator shows a high probabi...

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