MANA Soars As Market Optimism Returns, Next Stop $0.3713 Level
28 July 2024 - 5:00AM
NEWSBTC
The current price action of Decentraland (MANA) indicates that
market optimism is on the rise as the digital currency regains its
bullish momentum, with the price now targeting the key resistance
level of $0.3713. This recent surge in MANA’s price occurred
following a price rejection at $0.3099, marked by the formation of
a hammer candlestick pattern. MANA has shown renewed
strength, attracting investors and traders who are eagerly waiting
for an opportunity to capitalize on the potential upward movement,
especially as it approaches the critical resistance level of
$0.3713. As MANA targets the $0.3713 price level, this
article aims to explore the current bullish sentiment surrounding
the token, including technical indicators and market trends. It
will also evaluate potential resistance and support levels that the
crypto asset may face, offering insights into the overall market
outlook. At the time of writing, the price of MANA was trading
around $0.3472, up by 5.41%, with a market capitalization of over
$662 million and a trading volume exceeding $33 million. Over the
last 24 hours, there has been a 5.51% increase in MANA’s market
capitalization, while its trading volume has fallen by 16.99%.
Technical Analysis: Current Market Sentiment And Trends On the
4-hour chart, MANA has shown a significant bullish momentum as the
price breaches the $0.3483 level and is now heading towards the key
resistance level of $0.3713. Also, the price of MANA has
successfully crossed above the 100-day Simple Moving Average (SMA),
signaling a potential bullish trend and increased market
confidence. The Relative Strength Index (RSI) on the 4-hour chart
has successfully crossed the 50% level and is now moving towards
the 70% level, which is considered to be in the overbought range.
This increasing bullish momentum indicates that buying pressure is
strengthening. On the 1-day chart, although MANA is still currently
trading below the 100-day SMA, the price has printed a hammer
candlestick pattern followed by a bullish engulfing candle, which
suggests a potential reversal from a downtrend to an uptrend. The
1-day RSI indicators also suggest that the digital asset may
continue its bullish rally toward the $0.3713 resistance level as
the RSI line is trending above 50%. Potential Scenarios For
MANA MANA is currently bullish targeting the key resistance
level of $0.3713. A successful breakout above this resistance could
signal further gains, potentially pushing the asset to the next
resistance level at $0.3927 and other levels beyond. If MANA’s
price is rejected at $0.3713 and fails to break above the level, it
may result in a retracement or consolidation. Should the crypto
asset fall back and break through the support level of $0.3103, it
could signal the potential for further downward movement, possibly
targeting $0.2809 and other support ranges. Featured image from
LinkedIn, chart from Tradingview.com
Decentraland (COIN:MANAUSD)
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