- MANA forms the head and shoulder pattern on the third and fourth day; right shoulder and head in the green zone.
- MANA consolidates in the $0.76-$0.80 range, before descending.
- The market has corrected the prices, hence MANA could move either way.
Decentraland (Мана) was trading at $0.72 when the markets opened for trading. However, it shortly MANA tanked into the red zone and reached its lowest of $0.6423 on the first day of the week. Although, during the course of the day MANA found some momentum as the bulls drove the prices higher in the red zone until the second day.
During mid-day of the third day, MANA formed the head and shoulder pattern. Its left shoulder was at $0.688 in the red zone. Furthermore, the tip of the head was formed in the green zone at $0.7253 on the fourth day while its right shoulder was formed at 0.721 during mid-day of the same day.
MANA entered the green zone after forming the right shoulder and reached its highest price of $0.8067. After consolidating in the $0.76-$0.80 range for a brief period, MANA started descending, making lower-highs in the green zone. Currently, MANA is down 3.91% in the last 24 hours as is trading at $0.7303.
Decentraland (MANA) is fluctuating in a rising wedge, once the token breaks out of the wedge the prices are supposed to tank by the book. Moreover, when considering MANA, it was making a higher-high in the wedge but the RSI was making lower-highs, hence it denotes that a trend reversal is on the horizon.
Currently, the RSI is at 51.91 indicates that the trend is well set but the Bollinger bands are widening, hence, there could be more volatility on the way. Meanwhile, MANA has touched the upper Bollinger band, and the market has corrected the prices.
As such MANA is at the medial line of the Bollinger band and the prices could shift either way. Hence, those waiting to short their assets to buy it at a lower cost should consider doing so. If the bulls push the prices upwards then the opportunity to cash in on some profits will be futile.
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Source: https://coinedition.com/mana-about-to-break-the-bearish-rising-wedge-will-the-bulls-sustain/