MANA price reveals a range-bound motion after falling during the last week that pushes it to the latest help degree. Now, a bounce-back is anticipated as the identical ranges had been final seen three months again.
- MANA worth trades decrease however hovers close to the essential help zone.
- A every day candlestick above $2.20 will produce extra positive factors.
- Additional, an acceptance above $2.30 paves the wave for $3.0.
MANA worth set for a reversal
On the every day chart, the MANA worth retraced towards $2.04, the extent final seen in January. This makes dependable help from the place the worth seems for a direct bounce again. The formation of two consecutive ‘Doji’ candlesticks makes the bulls looking forward to a fast restoration within the worth. The primary upside hurdle is discovered on the horizontal resistance degree of $2.35
An prolonged shopping for might meet the following upside goal close to 200-day EMA (Exponential Shifting Common) at $2.52. Moreover, an acceptance above the talked about degree would clear the way in which to recapture the psychological $3.0 degree.
Whereas issues look optimistic for the MANA worth. Nevertheless, a shift within the bullish sentiment might activate the promoting mode within the token. In that state of affairs, a break under 2.0 would set off a contemporary spherical of promoting to the lows final seen in late January at $1.80.
As of writing, MANA/USD reads at $2.17, up 0.74% for the day.
Technical indicators:
MACD: The shifting common convergence divergence hovers under the midline with receding bearish sentiment.
RSI: The every day relative energy index oscillates close to the oversold zone. Any uptick within the indicator would help the bullish outlook on the worth.
Buying and selling quantity: The 24-hour buying and selling quantity of the cryptocurrency holds at $227,178,548 with a lack of 29%.
Disclaimer
The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.
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