- The MANA coin price has given a breakout from the descending channel.
- The price is currently breaking above the 200-day EMA.
Decentraland (MANA) is a virtual reality platform in the Ethereum blockchain. The platform is owned by its users and they can explore a virtual world, purchase plots, create artwork, and own no-fungible tokens (NFTs) on this platform. It has been created for content creators, individuals, and businesses who are looking for a new artistic medium, other opportunities, or a source of entertainment.
An Overview of the MANA Price Actions
On 1 January 2023, the Mana coin price started an impulsive bullish move up to $0.8530, which became a major resistance level. From that level, the coin price gave a breakdown of the $0.6185 support level.
Consequently, the coin price fell more than 35% and confirmed the formation of a descending channel. The MANA coin price fell further up to 40% from the $0.5510 level, which signifies the sellers’ control over that level.
On September 10, 2023, the price closed below the $0.2839 major support level which created bearish sentiments in the MANA token. However, the MANA price moved opposite and gave a breakout from the descending channel at the $0.2968 level.
At present, the MANA coin price is trading at $0.4082 while observing an increase of 14.60% during the intraday trading session. The token has a current market capitalization of $773,222,771.
Technical Analysis of the MANA Coin
MANA coin price is moving above the 50-day EMA and the 200-day EMA signifies an uptrend. Currently, the price is breaking above the 200-day EMA which can be a potential change in trend. The 50-day EMA is at $0.3220 and the 200-day EMA is at $0.3906 levels respectively.
The price gave a breakout from the descending triangle and currently trading at $0.4082. It also gave a breakout of $0.3366 after the sellers failed to maintain resistance at that level. Consequently, the MANA price is moving toward the $0.4245 resistance level. In the current trading session, it is forming a big bullish candle that can break above the immediate resistance level.
The relative strength index (RSI) showed bullish divergence before the breakout of the descending channel indicating the price reversal. At present, the RSI is sloping above the 70-mark upper band.
Conclusion
The MANA coin price is currently performing in an uptrend after the breakout of the descending channel. The 50-day EMA and the 200-day EMA are preventing the price from falling further down. At press time, the MANA token’s price is moving toward the $0.4245 resistance level. It is forming a big bullish candle that can break above the immediate resistance level. However, if the price faces successful resistance from the $0.4245 level, it may fall to the $0.3366 support level.
Technical Levels
- Resistance levels: $0.4467 and $0.5510
- Support levels: $0.3226 and $0.2652
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 any other advice. Investing in or trading crypto assets comes with the risk of financial loss.