MANA Technical Analysis: Raging Bulls Challenge $3.4 Level

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MANA Technical Analysis: Falling Channel Continues to Insert Bearish Influence

The MANA coin price gives a successful reversal from the $2.80 support level resulting in a colossal morning star pattern. Moreover, the price breaks above the $3.25 mark and continues to head higher. However, the sellers at $3.5 can bring an early influence resulting in a reversal. Should you trust the bullish rage? Key technical points: The coin price breaks above the $3.25 mark. The Stochastic RSI indicator gives a bullish crossover. The 24-hour trading volume in the Decentraland token is $1.17 Billion, indicating a 120% rise. Past Performance of MANA MANA coin price trades at $3.27 with a price jump of 10.08% in the last 24 hours, resulting in a bullish engulfing candlestick that gives a breakout above $3.25. The recent bullish growth undermines the correction faced in the past week. Therefore, the sudden increase in the bullish trend momentum hints at a bull run further to the $4 mark. Source-Tradingview MANA Technical Analysis The MANA coin price finds a huge demand as it retests the bullish breakout of the cup and handle pattern in the daily chart. As mentioned in our previous article, retracement had been the best entry opportunity. The governance coin of Decentralad price breaks above the crucial 50-day EMA with the sudden rise in underlying bullishness. Therefore, the bullish alignment of the 50,100, and 200-day EMAs trend reflects an extreme growth in trend momentum. The RSI Indicator shows a sudden rise in the buying pressure as the slope breaks above the 14-day SMA and enters the nearly overbought zone. Hence, the reversal from the 50% mark indicates a bullish reversal. The Stochastic RSI indicator showcases the start of the bull cycle as the K and D lines give a bullish crossover in the oversold zone. Hence, the rising lines in the neutral zone forecast an upcoming bullish growth. In conclusion, the technical indicators side with the raging bulls and forecasts a bullish continuation. Upcoming Trend The MANA coin price shows struggles to rise above the $3.40 level as it forms a bearish candle at press time. Nonetheless, the growth in the underlying bullishness forecast a $3.5 breakout and might head higher to reach the $4 mark. Support Levels:$2.8 and $2.45 Resistance Levels: $3.5 and $4.15

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Time Stamp: February 16, 2022