Decentralized (MANA is at a critical juncture as it faces a retest of the key trendline that could determine its next major move. With the price hovering near a crucial support level, market watchers are eager to see if MANA will hold the line and trigger a bullish reversal.
A successful defense of this trendline could trigger a rally, propelling the cryptocurrency to new highs. However, failure to hold could lead to further volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a significant breakout.
This article aims to examine the retest of MANA’s critical trendline and its potential to trigger a bullish rally. We will explore the technical factors at play, assess key support and resistance levels, and consider the market. feeling driving this crucial moment, providing traders and investors with insight into whether MANA is primed for a breakout or if a reversal is on the horizon.
Market Sentiment: Are Bulls Ready to Take Control?
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 territory. This price action indicates that bearish Forces remain dominant in the market and could push the price further towards the key trend line support level.
Moreover, on the 4-hour chart, the Relative Strength Index (RSI) has dropped below the 50% mark and now stands at 33%. With the RSI hovering in the lower range, there is a higher chance that the price could continue to lose ground, possibly moving towards a critical retest of the trend line.
On the daily chart, MANA has been on a bearish trajectory, moving to retest the trendline after briefly trading above it and below the 100-day simple moving average (SMA), as evidenced by multiple bearish candles. This downward movement reflects strong selling pressure and negative market sentiment, increasing the probability that the price will reach the trend line again.
Lastly, the 1-day RSI shows bearish pressure on MANA. The signal line has dipped below 50% and now stands at 45%, indicating intensifying selling pressure and growing negative sentiment for the digital asset.
Support vs. Resistance: What’s Next for MANA?
If MANA price reaches the downtrend line and faces a rejection, it could set the stage for a significant increase, and $0.3103 could be the next resistance zone. A successful break above this resistance could signal further growth. earnings reinforcing the bullish trend targeting the next resistance range at $0.3483 and other levels beyond.
If MANA fails to sustain below the downtrend line, it could experience a consolidation or pullback to $0.2559. support levelIf the price breaks this support, it could continue its downtrend and possibly target $0.2170 and other lower support levels.
Currently, MANA is trading around $0.2792, which marks a drop of 3.7%. The cryptocurrency’s total market cap stands at $518 million, with a trading volume of $27 million over the past 24 hours. During this period, MANA market Its market capitalization has decreased by 3.10% and its trading volume has increased by 14.80%.
Featured image from LinkedIn, chart from Tradingview.com
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