Decentraland’s MANA has seen a winning spree over the last four days, translating to an 11.5% price surge. Volume upticks amidst this revival show market players have faith in the soaring prices.
Meanwhile, sustained buying would the Metaverse token escaping above a 2-month range.
Vital Points
- MANA price encounters immense supply pressure at the resistance of $1.1.
- The 20-day and 50-day Exponential Moving Average bullish cross attracts increased buyers to the marketplace.
- Decentraland’s intraday volume is $247.9 million, suggesting a 27% drop.
MANA/USDT’s technical chart shows a rounding bottom formation. The bullish revival setup has completed its two early stages following the downfall between mid-May and June before the current consolidation amidst a range-bound rally.
According to the technical pattern, MANA breaching the immediate $1.1 resistance would welcome upsides towards $1.36.
MANA saw its price rebounding from the bottom foothold of $0.75 on 13 July. The bounce back saw the Metaverse token surging 44.61% in one month.
Meanwhile, buyers have tried to end the asset’s consolidation with an upside breakout following the recent 0.88% increase.
Nevertheless, the daily candle closing beyond the neckline resistance at $1.1 amidst sufficient volume uptick remains essential to authorize this breakout.
The after-breakout rally could push the alternative token up by 26.2%. That would mean MANA exploring the resistance level at $1.36.
Persistence bullish momentum can see the alt surpassing the hurdle and surging towards the next substantial resistance at $1.68.
Contrarily, rejections from the resistance at $1.1 would mean declines. That can see MANA breaching the 20-day Exponential Moving Average, confirming a consolidation resumption.
Technical Indicators
Bollinger Band
The latest price surge hit the BB’s topside bands to confirm a slight more is essential before a breakout. Nevertheless, the middle providing dynamic support should keep the recovery phase.
Relative Strength Index
The daily Relative Strength Index slope indicated a more significant surge than MANA’s price action, confirming the surging bullish momentum.
This optimistic divergence suggests that the price will finally overcome the $1.1 resistance. Meanwhile, MANA investors should watch broad market cues to complement the above analysis.
Resistance zones – $0.935 and $0.75
Support zones – $1.1 and $1.36
Editorial credit: Ira Lichi / shutterstock.com
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