MANA Technical Analysis: Descending Trendline Sparks Bearish Trend

Table of contents

  1. MANA Technical Analysis
  2. Upcoming Trend

The newly formed resistance trendline fuels the MANA falling trend in motion and warns of a downfall to the psychological mark of $0.50.

Key technical points:

The market price has decreased 2.72% over the past 24 hours.The falling trend approaches the support level at $0.67.The 24-hour trading volume of Decentraland is $454 Million, indicating a hike of 65%.

Past Performance of MANA

The 70% downfall in Summer 2022 took support at the $0.67 mark to retest the $1.35 mark with a quick V-shaped reversal. However, the lack of recovery in the overall market pushed the prices under leading to the formation of a descending trendline. The recent reversal from the trendline comes with high momentum that challenges the buyers at $0.67.

TradingView Chart

Source- Tradingview

MANA Technical Analysis

MANA prices fall by 25% after forming an evening star pattern near the resistance trendline. And the increase in selling pressure is evident in the rising trend in trading volume. Hence, the likelihood of a candle closing below the $0.67 mark is increasing significantly. The crucial Exponential Moving Averages Р50, 100, and 200-days maintain a bearish alignment with a gradual increase in spread.

The MACD and signal lines give a bearish crossover with the start of a negative histogram in the daily chart. And the RSI indicator shows an increase in underlying bearishness as the slope creeps to the oversold boundary and may shortly cross over it. Hence, the technical indicators display a sell-off phase ready to crack the $0.67 support level. In a nutshell, the MANA technical analysis forecast a rise in panic selling leading to a further decrease in market value.

Upcoming Trend

If the buyers fail to cool down the selling craze near $0.67, a bearish continuation will reach the $0.50 mark by the next trading day.

Resistance Levels: $1 and $1.35

Support Levels: $0.67 and $0.50

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