The Decentraland (MANA) technical chart indicates a reversal to retest the bullish breakout of the cup and handle pattern in the daily chart. However, this brings a shorting opportunity in a shorter time frame. Should you consider this as a trading opportunity to sell?
MANA Price Retests The Rounding Bottom Breakout
Булак-Tradingview
On February 5th, the Decentraland (MANA) price gave a decisive breakout from the $3.1 neckline of the cup and handle pattern. However, the above retracement acts as a retest of this flipped support, providing a long entry opportunity
The sideways movement of the fast line in the MACD indicator showcases a bearish crossover possibility.
The price action suggests the crucial support levels for MANA price at $3.10, followed by a horizontal level at $2.85 in the 4-hour chart. Meanwhile, the resistance levels are $3.45 and $3.85.
Decentraland (MANA) Technical Analysis
- The daily-MACD Indicator lines enters the positive territory
- The 20 and 50 EMAs provides a bullish crossover in the daily time frame chart
- The intraday trading volume in the MANA coin is $734 Million, indicating a 27.8% loss.
Булак- Tradingview
The MANA price shows a retracement of 10.5% in the rising expanding channel. The price action resonates in a falling channel pattern from the resistance trendline.
The altcoin price may find support near the high-demand confluence area near the $3.10. The support trendline, horizontal level of $3.10, and the 100-day EMA coincide to form the shared support.
Speaking of EMAs, the crucial exponential averages of 50, 100 and 200 maintain a bullish alignment in the 4-hour chart.
The RSI indicator shows a Zig-zag movement of the slope near the 50% mark. However, the bearish divergence present near the $3.10 projects a downfall possibility.
баш тартуу
Сунушталган мазмун автордун жеке пикирин камтышы мүмкүн жана базар шартына ылайык. Криптовалютага инвестиция салуудан мурун, базарыңызды изилдеңиз. Сиздин жеке материалдык чыгымыңыз үчүн автор же басылма эч кандай жоопкерчилик тартпайт.
жөнүндө Author
Source: https://coingape.com/markets/decentraland-mana-short-term-reversal/