Current price action for Decentraland (MANA) This suggests that market optimism is on the rise as the cryptocurrency regains its bullish momentum, with the price now targeting the key resistance level at $0.3713. This latest surge in MANA price occurred after the price was rejected at $0.3099, which was marked by the formation of a hammer candlestick pattern.
MANA has shown renewed strength, attracting investors and traders eagerly waiting for an opportunity to capitalize on the potential upward move, especially as it approaches the critical resistance level at $0.3713.
With MANA targeting the $0.3713 price level, this article aims to explore the current bullish sentiment surrounding the token, including technical indicators and the market. trendsIt will also assess potential resistance and support levels that the crypto asset may face, providing insights into the overall market outlook.
At the time of writing, MANA is trading at around $0.3472, up 5.41%, with a market cap of over $662 million and a trading volume of over $33 million. Over the past 24 hours, there has been a 5.51% increase in MANA’s market cap, while its trading volume has decreased by 16.99%.
Technical Analysis: Current Market Sentiment and Trends
On the 4-hours chart, MANA is showing significant bullish momentum as the price broke the $0.3483 level and is now heading towards the major resistance level at $0.3713. MANA price also managed to cross the 100-day simple moving average (SMA), indicating a potential uptrend and increased market confidence.
The Relative Strength Index (RSI) on the 4-hour chart has managed to cross 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 a one-day chart, though, Mana The stock is currently still trading below the 100-day simple moving average, and the price has formed a hammer candle pattern followed by a bullish engulfing candle, indicating a potential reversal from a downtrend to an uptrend.
The 1-day RSI also suggests that the digital asset could continue its upward march towards the $0.3713 resistance level as the RSI line is heading above 50%.
Possible scenarios for MANA
MANA is currently targeting the key resistance level at $0.3713. A successful break above this resistance could signal further The gainswhich could push the asset to the next resistance level at $0.3927 and further levels beyond that.
If MANA price is rejected at $0.3713 and fails to break above the level, it could lead to a correction or consolidation. If the crypto asset pulls back and breaks Support level Gold price at $0.3103 may indicate the possibility of another downward movement, possibly targeting $0.2809 and other support ranges.
Featured image from LinkedIn, chart from Tradingview.com