The Decentraland token has been in a direction uptrend since the beginning of 2023. This rally, backed by the increasing volume of activity, reflects a sustained recovery for coin holders. By the press time, the MANA price traders a $0.4458, registering a 53.5% rise over the past five days. Moreover, this U-shaped recovery showed the formation of a rounding bottom pattern in the daily time frame chart, offering further growth for coin holders.
- The $0.428 breakout sets MANA price for a 20% jump
- The 20-and-50-day EMA nearing a bullish crossover will attract more buyers in the market.
- The 24-hour trading volume in the Decentraland token is $319 Million, indicating a 14% fall.
In technical analysis, the rounding bottom pattern is one of the most commonly observed in the bullish reversal pattern at market bottoms. The formation of the pattern reflects a display trend reversal, as the prior downfall switch in the recovery rally.
During the rally, the coin price breached several resistances, which offered higher footing for buyers to continue the upward march. Moreover, with a positive improvement in the market sentiment, the MANA price witnessed a significant inflow and jumped 8% on intraday.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Thus, with today’s bullish candle, this metacoin showed a decisive breakout from the $0.428 neckline resistance of the rounding bottom pattern. If the daily candle closes above the mentioned resistance, the underlying bullish momentum in intensify.
The post-breakout rally may drive the prices 20% higher to hit the $0.534 resistance.
On a contrary note., if the coin price drops below the $0.428 mark, the bullish thesis will get invalidated.
Relative Strenght index: the daily RSI slope continues to rise higher, indicating no weakness in the ongoing recovery rally.
EMAs: the recent price jump has also breached the 20-and-50-day EMA, which now shifts them to a suitable support level.
MANA coin price intraday levels
- Spot price: $0.44
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.553 and $0.6
- Support level- $0.428 and $0.382
The post MANA Price Prediction: Will This Metacoin Make A Comeback In 2023? appeared first on CoinGape.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks