This article is also available in Spanish.
decentralization (MANA stock is at a critical stage as it faces a retest of a major trend line that could determine its next major move. With the price approaching a crucial support level, market watchers are keen to see if MANA stock will hold and spark a bullish reversal.
A successful defense of this trendline could lead to a sharp rally, pushing the cryptocurrency to new highs. However, failure to hold could lead to increased volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a major breakout.
This article aims to examine the retest of the critical trend line of MANA stock and the possibility of igniting an upward wave. We will explore the technical factors influencing it, assess key support and resistance levels, and look at the market feelings It is this technical analysis that drives this pivotal moment, providing traders and investors with insights into whether MANA is ready to take off or if a reversal is on the horizon.
Market Sentiment: Are the Bulls Ready to Take Charge?
MANA price is currently trading below the 100-day simple moving average (SMA) on the 4-hour chart, with a clear attempt to retest the bearish zone. This price action suggests that bearish Major forces remain dominant in the market and may push the price further down towards the major trend line support level.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has dropped below the 50% level, now at 33%. With the RSI moving in the lower range, there is an increasing possibility that the price will continue to lose ground, which could lead to a retest of the critical trend line.
On the daily chart, MANA stock has been on a downward trajectory, moving to retest the trend line after briefly trading above and below the 100-day simple moving average, as evidenced by multiple bearish candles. This downward move reflects strong selling pressure and negative Market sentiment, increasing the likelihood that the price will reach the trend line again.
Finally, the 1-day RSI is showing bearish pressure on MANA. The signal line has dropped below 50% and is now at 45%, indicating intensifying selling pressure and growing negative sentiment towards the digital asset.
Support vs Resistance: What’s Next for MANA?
If MANA price reaches the downtrend line and faces rejection, it could pave the way for a major upside move, with the 0.3103 level potentially being the next resistance area. A successful breakout above this resistance could signal further decline. The gains Consolidating the uptrend targeting the next resistance range at 0.3483 and further levels beyond that.
If MANA fails to hold below the downtrend line, it may face consolidation or a pullback to $0.2559. Support levelWhen the price breaks this support, it may continue its downward trend, possibly targeting the 0.2170 level and other lower support levels.
Currently, MANA is trading at around $0.2792, which is down 3.7%. The total market cap of the cryptocurrency is $518 million, with a trading volume of $27 million in the last 24 hours. During this period, MANA was worth market The stock’s market value decreased by 3.10%, while its trading volume increased by 14.80%.
Featured image from LinkedIn, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.