MANA Coin is Rising for the 5th Straight Day, Will it Surge More?

• The MANA Coin has been surging for the 5th consecutive day.
• It has been Rising on the buzz around the metaverse-related coin.
• The Decentraland token is strongly defending the Level of $0.2700.

The Mana coin has been in a strong downtrend because its price has melted down over 95% in a fraction of just 2 years. It has kicked out the buyers on every rise till now, which resulted in some serious pain for the investors. This downtrend was supported by the downwards-sloping trendline, which resisted the price to go up.

Mana coin showed some strength at the beginning of the year, as the coin price jumped by over 185% in the month of January. It has been forming a lower high and lower low pattern, which confirms that the price is in a downtrend. Currently, the coin price is trading at the $0.2872 level. It seems like the coin is forming a base at this level.

The Mana coin price has been facing an extreme rejection from the level of $0.3264. However, at the present time, the coin price is rising for the 5th straight session over the buzz around Metaverse-related coins.

An Outlook of the Decentraland Stock Chart

The Decentraland coin price seems like creating a bottom here, as it is strongly defending the $0.2700 level. It has been trading in a horizontal channel for the last 2 months. It can be an early indication of the bottom-making. The 50-day Exponential Moving Average is providing great resistance to the price. However, the 200-day Exponential moving average is still far away from the CMP.

The MANA coin price is looking less volatile now as it is operating inside a channel. $0.3264 and $0.2700 levels are acting as an upper resistance level and lower support level respectively for the price. Apart from those levels, $0.4351 and $0.7002 will provide some resistance to the token price. If we consider the support level, the $0.2179 will act as another support level for the token price.

A Brief Summary of the Indicators Used  

The Decentraland Coin has formed some reversal candles on the lower band of the indicator. It has followed the momentum as the price is surging for the 5th day. The upper band of the indicator is present near the level of $0.3207, The relative strength index is currently placed at 45.21, which shows that the bears are in a strong momentum.

Conclusion

The decentraland coin is consolidating and showing some strength in the favour of bulls. If the coin price defends the support level of $0.2700 and rises, it can move towards $0.3264. However, if the coin breaks the level of $0.2700, it may achieve the level of $0.2179.

Technical Level

Resistance –  $0.3264 and $0.4351

Support – $0.2700 and $0.2179

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.