on March 7 Decentraland (MANA) sellers took the final step and broke the ongoing symmetrical triangle pattern. Today, MANA price is retesting the broken support, where the long wick rejection candle suggests a potential 15% drop.
Key Points
- The MANA chart is showing higher price rejection at the inverted $2.4 resistance.
- MANA’s 24-hour trading volume stands at $430 Million, representing an 8% increase.
In the past two months, the MANA/USD pair has resonated in a symmetrical triangle pattern. Also, the final stage of correction from February 9 high at $3.54, MANA priceIt devalued the coin by 33% and dropped it to the $2.4 support.
The MANA price chart shows a convergence of key technical support at the $2.4 level, the 200-day EMA, and the ascending trendline. The bulls were expected to defend this support and push the price higher, but a bearish divergence from this level on March 7 showed that the triangle pattern has turned in favor of the bears.
On the other hand, MANA price turned green today and attempted to re-enter the triangle pattern. Sellers, on the other hand, immediately rejected the price and the long wick candle formation highlighted that support has turned to support. The renewed selling pressure could drop the altcoin by 16%, as low as $2, its January low support.
Alternatively, if buyers Decentraland priceIf they can push the price above $2.4, the resulting fake exit will push the price up to $2.8.
Technical Indicators
Buyers lost the last EMA line of defense (i.e., 200), giving short sellers an excellent advantage. Also, the negative crossing of the 50 and 100 EMA intensifies the selling momentum. The MACD indicator shows that the fast and slow are progressively lower in the bearish zone and are dominated by the sellers.
- Resistance levels: $2.4 and $2.8
- Support levels: $2 and $1.7
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.