The MANA price action shows a high possibility of a prolonged uptrend above the $1 mark with a triangle breakout to reach the $1.33 mark. Key Technical Points: The Decentraland (MANA) price has increased by almost 40% in the last month. The 50 and 100-day SMA are on the verge of a bullish crossover. With a market cap of $1.98 billion, the intraday trading volume of Decentraland has dropped by 2.79% to reach $164 million. Past Performance of MANA The Decentraland (MANA) prices form an ascending triangle pattern in the daily chart, with the supply zone at $1.10 as the overhead resistance. As we mentioned in our previous article, the bullish reversal from the support trendline sustains above $1 but struggles to exceed the supply zone. However, the recovering market conditions increase the likelihood of an uptrend continuation with a bullish breakout. Additionally, the uptrend over the past month accounts for a 40% price jump representing an overall bullish inclination in the underlying sentiments. Source – Tradingview MANA Technical Analysis The higher price rejection in the daily candles keeps the MANA prices within the supply zone, avoiding a bullish breakout. That is why traders hoping to write the bullish trend must wait for a daily candle to close above the $1.10 mark. The bullish turnaround in the 50-day SMA reflects a high possibility of a bullish crossover with the 100-day SMA. The daily RSI slope maintains a diagonal upt...
SEC Hosts First-Ever Crypto Roundtable Today
