- MANA token price shows a strong bullish run on a weekly time frame, as it traces back on a daily time scale.
- The token price is forming a falling wedge pattern on a daily time frame.
- The pair of MANA/BCT is trading at the price level of 0.0000258 with an increase of 1.34% in the past 24 hours.
MANA token price is forming a positive price structure on a daily time scale. The token price recently bounced off the long term demand zone and now it has retracted back to the short term demand zone after sowing a straight bullish move. At present, the token price is transacting at the price level of $0.5116.
MANA token price shows reversal signs
MANA token price,as per the price action is bullish as it managed to hold at the short term demand zone on a daily time scale. As of now, the MANA token price is trading above the 50 and 100 Moving Averages. This comes after the token price broke these MAS during a previous bull run. Since then these MAs have been acting as a strong demand zone.
MANA token price is currently trading at the lower band of the bollinger band indicator after failing to surpass the upper band. It had crossed the 15 EMA but a recent fall led to its breakdown. Volumes increased as the token price retarced back to the demand zone. Investosr shsoudl remiancatiuos and wait for a porper bounce off the lower band and then act upon it.
MANA token price is forming a falling wedge pattern on a daily time scale
The MANA token price has been moving up strongly with a bullish pressure on a weekly time frame. While on a daily time frame the token price has retracted back and the same is depicted in the ADX curve. As the token price fell the ADX curve also fell below the mark of 25. As of now, the ADX upwards as it managed to hold at the demand zone. The ADX curve has halted the downward movement indicating a possible change in the rice movement to positive.
RSI curve has turned downward as it fell from the overbought zone. The token price was seen moving above the short term supply zone without retracing and as a result the RSI curve reached an overbought one. As of now, the RSI curve has fallen below the halfway mark of 50. Once the token price breaks the supply zone with a strong bullish pressure, the RSI curve can be seen crossing the halfway mark of 50 supporting the trend.
Conclusion: MANA token price, as the price action suggests, is indicating a strong possible reversal. The same is depicted by the technical parameter. It remains to see if the token price will break the supply zone or fails to do so and bears trample down the price to new low.
Support: $0.41 and $0.46
Resistance: $0.56 and $0.61
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.