MANA Price Hammers At 200D EMA: Is This The Point of Reversal?
The post MANA Price Hammers At 200D EMA: Is This The Point of Reversal? appeared first on Coinpedia Fintech News
Taking the clear path of a bullish reversal, the MANA price trend shows a potential bullish reversal. However, the bearish pressure shows a constant brawl at the 50% Fibonacci level, which reflects a strong secondary breakdown possibility.
Further, with the dynamic support of the 200-day EMA under pressure, the volatility in the MANA price trend is on the rise.
Source – TradingView
Following the bearish reversal from the peak of $0.56, the MANA price trend takes a 23% drop to challenge the bottom support levels. Crashing under the $0.50 mark, the altcoin is stuck at the confluence of 200-day EMA, 50% Fib level, and the $0.42 support zone
Due to such a confluence of support variables, the MANA price shows a quick bounce back of 3.50% following the 3.55% drop last night. The quick reflex of buyers undermines the bearish candle of yesterday and increases the reversal possibility.
Currently, the buyers are trying to avoid a double top breakdown with a neckline at the $0.42 support. Hence, the buyback is crucial for Decentraland to sustain the prevailing uptrend.
Technical Indicators:
RSI Indicator: Despite the recent drop in the daily RSI line, the momentum indicator shows a bullish divergence that may soon rocket the MANA price trend.
EMA: The crucial support of the 200-day EMA remains a pivotal point. A breakdown will increase the death cross possibility and fuel the bearish trend.
Will The MANA Price Reach $1?
As the ongoing brawl takes a bullish approach to undermine the fall last night, the MANA price is rising back. However, the high volatility of the altcoin suggests that sideline traders to wait for a price action confirmation.
Hence, the traders can find an upside entry opportunity if the daily candle manages to form a bullish engulfing candle.
On the flip side, the breakdown of the 50% Fibonacci level might result in a slide down to $0.3795.
Filed under: Bitcoin - @ January 24, 2024 9:25 am