- MANA Token price moves sideways between 0.236 and 0.5 Fibonacci retracement levels.
- The intraday trading volume of the coin is $98 Million, a fall of 55% compared to a day before.
- The pair of MANA/BTC is trading at 0.
MANA Token price action indicates sideways movement in the daily chart after the double bottom pattern breakout. However, the lower price rejection evident by the long tail formation indicates solid underlying bullishness.
The volume is falling dramatically in the daily chart, compared with the last few days. As a result, the volume is below the 20 days MA.
MANA Token trades at $0.745 and has seen a 4.41% decrease in market capitalization over 24 hours. In addition, the intraday trading volume has decreased 55% in the last day, indicating that sellers are decreasing in numbers.
MANA Token Within The Horizontal Levels.
MANA token price action trades within the levels of $0.7 and $0.9 horizontal levels. It indicates an entrapment for underlying momentum, which could give a massive on either side breakout.
According to price action analysis, resistance levels for the token is at $1 after the $0.8 mark. If the price breaks below the $0.7 support level, sellers might find resistance at $0.61 and $0.41.
The 4-hour chart shows that the MANA token price is lower than all the EMAs. Therefore, these EMAs can act as resistance levels. Consequently, it will help to maintain the underlying bearishness.
The RSI indicator predicts a slight rise in the underlying bearishness as the slope falls towards the 50% level.
The ADX indicator indicates a rising trend which suggests that there is significant potential for underlying momentum.
MACD indicator generates a sell signal as the fast line produces a bearish crossover with the slow line in the daily chart.
Conclusion: MANA token’s future trend is growing bearishness from a technical perspective. The technical indicators combined with increased selling pressure suggest a start of the downtrend.
Support – $0.61 or $0.49
Resistance – $0.8 and $1