Price Analysis

Decentral and Price Analysis: MANA Price Set to Rally 40 % Soon

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 21, 2022

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As the Metaverse mania spreads throughout a number of nations, the virtual reality platform has changed to bullish. For today, the MANA price analysis remains bullish as prices rise above the resistance, which was found at $0.990. However, a few candles need to close above this level to consider that this resistance is now a support.

MANA/USDT Price Analysis for Long Term

The daily chart of MANA price shows that the coin price has surged up with a 0.30% increase over the past 24 hours. The price seems to have bounced back from the descending triangle’s support line, which was found at around $0.93. 

mana 1

On the other hand, the buyers pushed the price up as they targeted $1. The recent surge in buying pressure has allowed the coin to break out of the descending triangle.

The Relative Strength Index is currently heading towards the overbought region, which indicates that the buyers are currently in control of the market. Moreover, the MACD line is trading above the signal line, which indicates that the bulls are currently in control of the market momentum.

The immediate resistance is found at $1, and a breakout above this level could lead to a rally towards the next resistance, which is found at $1.10. On the other hand, if the price fails to break out above $1, it could drop back towards the support at $0.90.

The long-term outlook of MANA is currently bullish as the price is trading well above the moving averages. Moreover, all the moving averages are sloping upwards, which indicates that the bulls are currently in control of the market momentum.

MANA/USDT Price Analysis – Short Term

The short-term outlook of MANA is bullish as the price has surged above the resistance at $0.9948. With the recent rejection within a symmetric triangle, the price may be compelled to hit the lower support again. 

 Moreover, the RSI is currently in the overbought region, which indicates that the bulls are currently in control of the market momentum.

mana-2

In the short term, a Doji candlestick was printed on the 4-hour chart, which indicates that indecision is currently prevailing in the market. The resistance level for the upcoming positive trend for MANA prices is at the psychological mark of $1, the 100-day SMA at $1.20, and $1.50. 

Hence, the forthcoming positive trend has the potential to reach the $150 mark. Conversely, the broken trend line will act as a retest level, and the $0.77 support level will serve as the base level.

Collectively, MANA’s price analysis will continue to be bullish in the near term as the entire crypto market attempts to overcome its bearish trend. As scarcity promotes price increases, Decentraland is expected to advance.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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