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MANA Technical Analysis: Price Can Be Seen Restricted Between the Resistance at $3.17 and the Support at $2.34

source-logo  cryptoknowmics.com 12 November 2021 08:25, UTC

Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. Decentraland is built for content creators, businesses, and individuals that are looking for a new artistic medium, business opportunity, or source of entertainment.

Let us look at the technical analysis of MANA.

Past Performance

The historical charts of MANA show that it has been very less volatile since its ICO on August 8, 2017. It has a pattern of increasing suddenly and then remaining around that level for a long period of time.

It opened on November 5, 2021, at $2.51. Seven days later, the trading session ended with a close at $2.68. This was a weekly change of 6.77%.

Source: https://www.tradingview.com/x/U2qflifP/

MANA Technical Analysis

Movements of the price can be seen as restricted between the resistance at $3.17 and the support at $2.34. Although witnessing a sudden increase just several days ago, the price is soaring high today. The current trading price is 11.45% higher than yesterday’s close at $2.977.

The OBV is graph’s pattern is similar to that of the price chart. An incline can be seen at the end of the graph, signaling an increase in the concentration of buying volumes. This is driving the price up.

The Relative Strength Index is also showing an upward curve in its graph as the trend line is moving along the boundary of the overbought region. This is showing that the market sentiment is bullish today. Currently, the RSI is at 66.97%.

The MACD graph showed a bearish crossover in the last week. However, this time the price chart did not follow the signal for long and has reversed the trend.

Decentraland has introduced its new play-to-earn incubator yesterday. On its official blog, it said, “Decentraland, with its fully-fledged SDK, a vibrant community, and paired with a smooth Layer 2 integration (Polygon) is the perfect setting for the development of a P2E ecosystem.”

Day-Ahead and Tomorrow

Seeing the historical data, the future of the MANA coin is not very exciting. It has a tendency to remain around the same price point for a very extended period of time, which is against the expectations of the majority of crypto traders who prefer to make short-term trades. However, the ongoing trend change may bring in some volatility in the price, which may benefit the traders.

If we look at the Fibonacci patterns, we can see that the price moving around the pivot at $2.77. This type of movement is typical for the MANA price chart.

Thus, the indicators are showing positive signals. The traders may take a long position here by keeping a target at $4. However, they should also be alert as due to the previous patterns, the price can freeze around a particular level anytime. They can keep a stop-loss at $2.2.

cryptoknowmics.com