- The MANA token price is trading at the supply zone on a daily time frame.
- MANA token price is forming a rounding bottom. pattern on a daily time frame.
- The pair of MANA/BTC is trading at the price level of 0.0000418 with a decrease of -2.29% in the past 24 hours.
According to the price action, the MANA token price is bullish because it is holding at the supply zone. On a daily basis, the token price has risen from the demand zone to the supply zone. The recent bearishness in the cryptocurrency market has had no effect on the token price, which is still on a bullish trajectory. On a weekly basis, the token price is forming a lower low and lower high formation.
Daily, the token price is forming an upper high and upper low price structure. Currently, the MANA token price has begun to consolidate near the supply zone. Despite the market’s strong bearish pressure, the MANA token price has managed to stay above the demand zone.
The MANA token price is currently trading above the 50 and 100 Moving Averages. The recent rise in the token price resulted in the breach of these critical moving averages. As the token price rises, it can be seen resting at these moving averages. After bouncing off the lower band, the MANA token price is now trading at the upper band of the Bollinger band indicator. Volumes have increased, causing volatility to rise, and investors should remain cautious until a clear trend emerges.
The MANA token price is forming a rounding bottom pattern on a daily time frame
Relative Strength Index: The RSI curve is currently trading at 54.45. The RSI curve has passed the 50-point mark. As the token price bounces off the demand zone, the RSI curve moves upward, crossing the 60 mark and supporting the MANA token’s trend. The RSI curve has also crossed below the 14 SMA, indicating some bullishness ahead of further movement. If the token falls below the demand zone, the RSI curve will fall further, and if it breaks through the supply zone, the RSI curve will rise higher.
Supertrend: The MANA token price increased as the demand zone exerted strong bullish pressure. Until now, the token price has been consistently rejected at the super trend sell line, but recent bullishness has resulted in a breakout of the super trend by line. As a result, the token price increased, and the super trend indicator signaled a buy. As the MANA token price rises, it may come to rest at the super trend by line.
Average Directional Movement Index: The ADX curve has been rising over the last few trading days. The ADX curve was seen supporting the trend as the token price rose from the demand zone. The ADX curve has turned sideways, indicating that price movement has come to a halt. If the bulls do not maintain control and the bears seize it, the MANA token will fall from the supply zone. This ADX curve is also rising, which supports the trend.
Conclusion: The MANA token price is trading at the supply zone, as per the price action. The token price is forming a bullish chart pattern at the demand zone. If the token price breaks the supply zone and starts moving up the technical parameters can also be seen supporting the trend. As of now, it remains to see if the token price will break the supply zone or fails to do so and fall.
Support: $0.740 and $0.710
Resistance: $0.810 and $0.850
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
