Decentraland is a virtual reality-based blockchain platform that allows users to develop games, animations, scenes, artworks, etc by harnessing their creativity and technology prowess. Users can also participate in various events and challenges and win blockbuster prizes. MANA is the customized token of this ecosystem and its technical analysis is as follows: Past Performance On May 20, 2021, MANA started trading at $0.77. On May 26, 2021, MANA closed at $1.01. Thus, in the past week, the MANA price has increased by approximately 31%. In the last 24 hours, the MANA price has traded between $0.85-$1.02. https://ift.tt/3vsKxw2 Day-Ahead and Tomorrow Currently, MANA is trading at $0.88. The price has decreased from the day’s opening price of $1.01. Thus, the market seems bearish. The MACD and signal lines have just turned positive. Thus, the overall market momentum has turned bullish. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the price is likely to start rising. However, the A/D indicator is downward sloping. Thus, whale distributions are much higher than whale accumulations. High selling activity will push the crypto price further down. Currently, the RSI indicator is at 51%. It faced rejection at 56% and fell to this level. Thus, selling pressures are slowly mounting. The RSI indicator is giving further credence to the bearish signals given by the A/D indicator. In short, when we look at all three indicators together, we can say that the price will continue to decline for some more time. Thereafter, we have to wait and watch if the price starts rising or a bearish trend reversal occurs. MANA Technical Analysis Currently, the price has fallen below the first support level of $0.89. It may soon fall below the second support level of $0.85. Thereafter, we have to wait and watch if the price starts moving upwards. The price has tested and fallen below the 23.6% FIB retracement level of $0.89. If by day end, the price retests and surpasses the 76.4% FIB retracement level of $0.98, then probably a bullish trend has set in. In that case, the price upswing may continue tomorrow as well.
The post MANA Technical Analysis: Fallen Below First Support Level of $0.89, May Go Below $0.85 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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