Bulls Mark Their Presence in MANA Coin, Can They Leave an Impact?

• Decentraland’s native coin’s price has shown a massive jump of over 29% in a week.
• The MANA coin price has been able to regain the 50-day Exponential Moving Average. 
• The current market price of the MANA Coin is $0.3589.

The MANA coin has jumped by over 29% in a week and has created a 6-day-long winning streak. However, the coin price has ended this streak in its previous trading session as the coin price has ended the session in red. It is trading very close to the trendline resistance and currently facing some rejection from that.

After listing, the bulls have dominated the MANA Coin price aggressively as the price has surged by over 6800% within a short period. However, this uptrend didn’t last longer and the coin price has taken a halt in November 2021. Since then the coin price has been in a strong downtrend, as the price has melted down over 93% of its gains.

Since July 2023, the price has gone through a consolidation phase and is moving flat between the broader level of  $0.4351 and $0.2721. However, the recent behavior of the coin price indicates that the bulls are still present at a lower level. It seems like the bulls are trying to take control of the price and are ready to dominate the bears soon.

A Quick Glance of the MANA Coin Chart

The MANA coin price is currently trading very close to the downward-sloping trendline and the sellers are still present there. It has taken strong support from the $0.2721 level. The price has tested this support level more than 4 times till now. The trendline resistance is present at the level of $0.3687 which is currently restricting the price of the coin.

The MANA coin price is currently challenging the sellers but it seems like buyers are absorbing the liquidity, that sellers are providing. The resistance of the price is present at the level of $0.4351 and $0.7002. Considering the support, it is present at the level of $0.2721 and $0.2179.

Assessing the EMAs and Relative Strength Index

The price has recently closed above the 50-Day Exponential Moving Average which is a positive sign for investors. However, it is still trading below the 200-DAY Exponential Moving Average which signifies that the price is still bearish in trend. The relative strength index is curving at 74.91 which means the coin price is overbought and it needs some cool-off period before resuming the upward momentum.

Conclusion

The MANA coin price is currently being taken over by the bulls and bears are trying to defend their zones. However, as per the current momentum, the bulls will try to make an effort to charge on the bears. The downward-sloping trendline will be the crucial level to watch out for.

Technical Level

• Resistance – $0.4351 and $0.7002
• Support – $0.2721 and $0.2179

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.