MANA Price Analysis: Why $1.1 Breakout Could Soar Prices by 26%?

Read full article at Coingape.

MANA

The Decentraland (MANA) price has been on a winning streak for the past four days, accounting for an 11.5% gain. The volume rise during this recovery indicates the traders are confident in rising prices. With sustained buying, the altcoin should escape the past two months’ range rally. 

Key points:

  • The MANA price faces intense supply pressure from the $1.1 resistance
  • The 20-and-50-day EMA bullish crossover attracts more buyers in the market.
  • The intraday trading volume in the Decentraland Token is $247.9 Million, indicating a 27% loss.

Source-Tradingview

The MANA/USDT technical chart represents an evident example of a rounding bottom pattern. The bullish reversal pattern has completed its early two stages with a Mid-May-to-June downfall, followed by ongoing consolidation in a range-bound rally.

As per the technical set-up, the MANA price should breach the overhead resistance of $1.1 and lead the coin to $1.36

On July 13th, the MANA price rebounded from the $0.75 bottom support and surged 44.61% within a month. Today, with a 0.88% jump, the coin buyers attempted to end this consolation with a bullish breakout.

However, the daily candlestick closing above the $1.1 neckline resistance within sufficient volume rise is required to confirm this breakout. The post-breakout rally may push the MANA price 26.2% higher to $1.36 resistance.

If the bullish momentum sustains, the altcoin may surpass the ceiling and climb towards the next significant support zone of $1.68.

On a contrary note, if MANA price reverts from the $1.1 resistance, and breakdown from the 20-day EMA will indicate the resumption of the consolidation phase.

Technical indicator

Bollinger band indicator: the recent price jump tags the indicator’s upper band indicates a minor is plausible before the breakout. However, the midline offering dynamic support should maintain the recovery phase.

RSI indicator: The daily-RSI slope shows a more substantial rally than price action, indicating the rising bullish momentum. This positive diverger suggests the price should eventually breach this $1.1 resistance.

  • Resistance level: $0.935, $0.75
  • Support level: $1.1, $1.36

The post MANA Price Analysis: Why $1.1 Breakout Could Soar Prices by 26%? appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency