MANA Technical Analysis: Will Buyers Launch A Bull Run To $1.50?

MANA price shows a double bottom pattern ready to kick start a bullish trend to surpass the psychological resistance of $1. Key technical points: 

• MANA prices have jumped by 6.30% in the last 24 hours.
• The bullish reversal shows a double bottom pattern with a neckline at $1 in the daily chart.
• The 24-hour trading volume of Decentraland is $223 Million, indicating a hike of 14%.

Past Performance of MANA

The MANA price action attempts to form a double bottom pattern above the $0.67 support level. The bullish reversal pattern forms a neckline at the psychological mark of $1. The recent reversal in the last three days accounts for a price jump of 11% with increased trend momentum making the breakout rally much more achievable.

Source- Tradingview

MANA Technical Analysis 

The reversal pattern in the MANA price action finds bullish commitment evident in the increased trading volume. Hence, traders can shortly find a breaking entry opportunity to start a new bull run. The bullish trend in the fast and slow lines of the MACD indicator approaches the zero line with an increase in the bullish histograms. Hence, the MACD indicator displays a high likelihood of a double bottom breakout. The RSI indicator shows a gradual increase in the  RSI  slope as it surpasses the 14-day average line and the halfway line. Hence, the technical indicator shows an increased buying pressure fueling the price pattern. In a nutshell, the MANA technical analysis shows a positive change in the underlying sentiments ready to boost the market value.

Upcoming Trend

The bullish breakout rally will launch the MANA prices higher above the $1.08 mark to reach the psychological mark of $1.50. Conversely, the bullish failure to overpower the selling at $1 will drop the price to $0.80. Resistance Levels: $1.08 and $1.50 Support Levels: $0.80 and $0.67

Source