- The MANA coin chart shows a long consolidation period in the daily chart.
- The MANA/BTC pair trades at 0.004113 BTC with a fall of 3.08%.
- The 24 hr volume for MANA coins is $361 Million, indicating a 4.56% fall.
The MANA token price action makes an excellent descending triangle pattern in the 4-hour chart. As a result, the price action gives a superb entry opportunity that awaits the breakout of either side. Hence, traders need to keep an eye on the price chart for a breakout.
The MANA price shows a slightly bullish trend, with its price trading higher than a few crucial EMAs 100 and 200. Moreover, the coin chart shows a bullish alignment of the crucial EMAs, which supports the price during the retracement in the pattern.
The token price shows higher price rejection; however, the pivot points indicate support levels at the $2.20 and $1.65 mark if the price retraces back. Moreover, on the flip side, the resistance levels are at $2.91 and $3.50.
Is It The End Of Meta Buying Craze For MANA Coin?
As we have already mentioned, the MANA coin’s price is following a downward triangle pattern. Recently, a bearish candlestick formation has been observed, indicating that the coin price is moving away from the resistance trendline. The underlying selling pressure is therefore increasing.
As of press time, the coin’s price is at $2.48. There has been a decrease in value of 4.93% during the past 24 hours. MANA’s intraday trading volume also fell by 30%.
If the slope falls below the centerline, the RSI indicator will indicate a rise in underlying bearishness. The price action is not divergent from the slope. RSI indicator, therefore, gives a sell sign.
MACD indicators indicate the MACD line is moving down and the signal line is moving up in the 4-hour chart. These lines are in bearish alignment. This creates a neutral sign.
Conclusion: From a technical perspective, the MANA coin shows higher price rejection in the daily chart. And, in the the4-hour chart, the descending triangle can shortly give a bearish breakout. Hence, traders can get a selling opportunity upon breakout.
Support – $2.20 and $1.65
Resistance – $2.91 and $3.50