Will MANA Hold The Line? Key Trendline Retest Could Lead To An Upsurge
01 September 2024 - 8:00AM
NEWSBTC
Decentraland (MANA) is at a critical juncture as it faces a key
trendline retest that could determine its next major move. With the
price hovering near a crucial support level, market watchers are
keen to see whether MANA will hold the line and spark a bullish
reversal. A successful defense of this trendline could
trigger an upsurge, propelling the cryptocurrency to new highs.
However, failure to hold could lead to increased volatility and
uncertainty. All eyes are now on MANA’s ability to withstand the
pressure and potentially set the stage for a significant breakout.
This article aims to examine MANA’s critical trendline retest and
its potential to ignite a bullish upsurge. We will explore the
technical factors at play, assess key support and resistance
levels, and consider the market sentiment driving this pivotal
moment, providing traders and investors with insights into whether
MANA is poised for a breakout or if a reversal is on the horizon.
Market Sentiment: Are Bulls Ready To Take Charge? MANA’s
price is currently trading below the 100-day Simple Moving Average
(SMA) on the 4-hour chart, with a clear attempt to retest bearish
territory. This price action indicates that bearish forces remain
dominant in the market and could push the price further down toward
the key trendline support level. Additionally, on the 4-hour chart,
the Relative Strength Index (RSI) has fallen below the 50% mark,
now sitting at 33%. With the RSI hovering in the lower range, there
is a heightened likelihood that the price may continue to lose
ground, potentially moving toward a critical trendline retest. On
the daily chart, MANA has been on a bearish trajectory, moving to
retest the trendline after briefly trading above it and below the
100-day SMA, as evidenced by multiple bearish candlesticks. This
downward movement reflects strong selling pressure and negative
market sentiment, increasing the probability of the price reaching
the trendline again. Finally, the 1-day RSI shows bearish pressure
on MANA. The signal line has dropped below 50%, now resting at 45%,
which signals intensifying selling pressure and a growing negative
sentiment for the digital asset. Support Vs. Resistance: What’s
Next For MANA? If MANA’s price reaches the bearish trendline and
faces a rejection, it could set the stage for a significant
upsurge, and $0.3103 could be the next resistance zone. A
successful breakout above this resistance could signal further
gains reinforcing the bullish trend aiming at the next resistance
range at $0.3483 and other levels beyond. Should MANA fail to hold
below the bearish trendline, it may experience consolidation or
fall back to the $0.2559 support level. When the price breaks
through this support, it could continue its downtrend, possibly
targeting $0.2170 and other lower support levels. Currently, MANA
is trading around $0.2792, marking a 3.7% decline. The
cryptocurrency’s total market capitalization stands at $518
million, with a trading volume of $27 million in the last 24 hours.
During this period, MANA’s market cap has decreased by 3.10%, and
its trading volume has increased by 14.80%. Featured image from
LinkedIn, chart from Tradingview.com
Decentraland (COIN:MANAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Decentraland (COIN:MANAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024