- Mana token price, after facing rejection, has fallen below the demand zone.
- The token forms a double top pattern on a daily time frame.
- The pair of MANA/BTC is trading at 0.000066 with a decrease of -0.48% in the market cap of the digital asset over the past 24 hours.
MANA token price has been trading in a lower low and lower high formation over the past trading weeks. After facing rejection of the long-term supply zone of $3.5, the token has fallen. Recent bearishness in the overall cryptocurrency market has led to tokens forming a big bearish candlestick pattern. The MANA token is currently trading below all the crucial Exponential Moving Average(20, 50, 100) and could face rejection moving upwards. The token is downtrend after it gave an impulse move a month ago.
After facing rejection at the upper band of the Bollinger band indicator, the token has fallen to the lower band. The token is going through string selling pressure, and as a result, it has fallen below the short-term demand zone of $2.5.At present, the token is trading at $2.3.Volumes during the breakdown phase of the short-term demand zone have increased, indicating the presence of bears.
MANA token price is bound to stay in a downtrend as the technical parameters turn bearish
Source: MANA/USDT by tradingview
MANA token price is in a strong bearish trend, and the technical parameters indicate the same.
Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame. The seller’s (orange) line crossed the buyer’s (blue) signal line on the downside. The token is now in a strong downtrend, and a little more pressure from bears could push the price down to$1.98.
Supertrend: The token is in an uptrend on a broader time frame, but token indicates something else on a shorter time frame. The indicator has given a sell signal as the token fell below the important demand zone of $2.5. This will result in the digital asset’s price slowly moving down to the short-term demand zone of $1.98. MANA token price formed a big bearish candlestick pattern, breaking the super trend line, and as a result, the indicator triggered a sell signal.
Conclusion
As per the price action, MANA token seems to be in a strong downtrend in shorter time frame. The technical parameters have turned bearish, the price broke down the short-term demand zone of $2.5.It remains to see if the token is able to take support at $1.98 and bounce or bear trample the price down more.
SUPPORT: $1.98 and $1.8
RESISTANCE: $2.5 and $2.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
