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MANA Technical Analysis: Almost 40% Up Since a Week, a Great Time to Hodl

cryptoknowmics.com 26 November 2021 12:45, UTC
Reading time: ~2 m

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 uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.

Let us see the technical analysis of MANA.

Past Performance

As one can see in the monthly chart below, the price trend of MANA was sustaining around the levels of $0.75 or below for months. It has received a strong impetus in November 2021, changing its scene of moving averages as the trend of price has moved beyond $1.

On October 29, 2021, the price jumped to $1.386 and has been rallying ever since, with small dips in between. The price was fluctuating around $4.890 yesterday, with a high of $5.192 and a low of $4.860. Moreover, in the last 24-hour, the MANA price change was -5.74%.

Source: https://www.tradingview.com/x/5q36kbd3/

MANA Technical Analysis

The MANA token moved to a record high on Thursday, hitting $5.84 for the first time. It is up almost 40% in the past seven days.

The token of the decentralized virtual reality platform built on the Ethereum blockchain now has a reported market capitalization of $9.2 billion

The OBV is following a pattern similar to the price chart. It is about to touch a volume of 1 billion.  Thus, the buying volumes are higher and pushing the price to move upwards.

The RSI is sitting at 71.62% which is a great signal showing that the bulls are taking control of the price today. This will help sustain the rally.

The MACD and Signal line are parallel to each other, and we will wait and see if the MACD falls below or keep afloat with the signal line.

MANA Price Trends for the Day

This is a great time to book your profits as well as hodl if you have recently bought MANA. One can look at resistance levels of $5.231 and $5.251 for further immediate gains. To see the minimum the coin can go to, look at support levels of $4.132 and $3.783.

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