MANA Technical Analysis: Wait and Watch Support Level of $1.45
Decentraland is a virtual reality-based open-source blockchain network. It allows users to create decentralized applications and social games. It provides builder tools that allow users to harness their imagination to create amazing artworks and animations and win rewards in return. MANA is the native token of this ecosystem and the technical analysis is as follows:
On April 22, 2021, MANA started trading at $1.33. On April 28, 2021, MANA closed at $1.55. Thus, in the past week, the MANA price has surged by approximately 17%. In the past 24 hours. MANA has traded between $1.45-$1.55.
Day-Ahead and Tomorrow
Currently, MANA is trading at $1.48. The price has decreased from the day’s open price of $1.55. Hence, the market seems to be downtick.
Currently, the RSI indicator is at 50%. It faced rejection at 56% and fell to the current level. Thus, selling pressures are high. Hence, as of now, the price is likely to fall further.
The OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. Hence, the OBV indicator is giving further credence to the price drop shown by the RSI indicator.
However, the MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish.
When we look at all the oscillators together, we can say that the price is expected to start rising after declining for some time.
MANA Technical Analysis
Currently, the price has fallen below the first Fibonacci pivot support level of $1.48. It may fall below the subsequent support level of $1.45 as well. Thereafter, we have to wait and watch if the price starts moving upwards.
The price is soon likely to test and fall below the 76.4% FIB retracement level of $1.47. By day end, if the price doesn’t retest and surpass the 23.6% FIB retracement level of $1.53, then the price downswing is likely to continue tomorrow as well.