MANA Technical Analysis: Broken Highs of $0.83, Price in an Upward Slide

Ankita  |  Aug 27, 2021

The platform is made for content creators, businesses, and individuals who are looking for a new artistic medium, business opportunity, or source of entertainment. Decentraland's game world - called the "Metaverse" - is divided into 90,601 individual parcels of LAND, each of which is represented by a non-fungible token based on the ERC-721 standard. LANDs in the Metaverse are exactly 16m x 16m (256 square meters) and are located at a specific coordinate.  Let us look at the technical analysis of MANA.

Past Performance

The current price of MANA is $.087, the price has depreciated in the last 24 hours by 7.54%, the market cap of MANA is also on the downside, in the last 24 hours, it has depreciated by 8.59%. The BTC and ETH are also falling, which is affecting the alternate coins.

TradingView Chart

MANA Technical Analysis

Currently, the RSI is on the mark of 55.49%. The RSI faced rejection at 64.59% and took a sharp downswing, indicating the selling pressures are very high. It is taking support at current levels, therefore, if it breaks down the RSI support then, the bear trend will continue for a while.

MACD and EMA lines are above zero range, suggesting a buy on the MANA. However, MACD and EMA are closely rallying, thus indicating a potential trend reversal. Moreover, a bearish crossover can be seen, therefore, we can expect a fall in the price.

On the daily chart, the OBV has been moving in a straight line for a long time, the inclination of investors towards MANA is neutral.

Day-Ahead and Tomorrow

The price has broken the recent high of  $0.83. Currently, the selling pressure is very high and we can see some profit-booking at this level, indicating a further depreciation in the price.

The price will try to take support at $0.75 and it might bounce back. However, if the price bounces back the trader can go long as the price will try to reach the extension of $0.88.

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