MANA Jumps 15% In Three-day; Are You Buying?admin
Published 3 hours ago
Decentraland (MANA) price remains bullish despite a minor setback in the previous trading session. The price opened the session lower but quickly recovered to test the session’s high level. However, it retraced back after testing the $1.02 level.
- MANA manages to print gains despite a pullback from the higher level.
- A decisive break above the $1.0 mark would bring more gains.
- A key support level is placed near the 50-day EMA on the daily chart.
MANA looks for upside confirmation
On the daily chart, the MANA price has surged up with a 2.20% increase over the past 24 hours. The recent price action suggests that MANA maintains a bullish bias. As the price is sustaining near the crucial $1.0 mark. There are multiple attempts to breach the level, thus making it a crucial hurdle.
Further, in the formation of the “ Inverted Head & Shoulder “pattern, a bullish technical pattern suggests a breakout on the higher side. To further confirm the study, we found that the price continues to trade above the 50-day exponential moving average for the past four days.
On the higher side, the MANA buyers would exploit the high of May 31 at $1.12 followed by the critical $1.30 mark.
On the hourly chart, while trading inside the asymmetrical triangle, MANA formed a double top. The price retraced from there and now, could test $0.92. In addition to that, the price formed a bearish Bat pattern, which is a harmonic pattern that occurs rarely on charts.
On a higher time frame, MANA harnesses an upside momentum. However, on the lower time frame, a correction toward $0.90 cannot be ruled out. Investors can have discount buying opportunities. If the price breaks $1.0, we can expect a good move.
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