On February 24th, the MANA token price action showed a long lower price rejection candle of over 15%, indicating the intense demand pressure below $2.44. 

The MANA buyers failed their second attempt to breach the high swing resistance of $3.42 on February 16th. Amid the intense sell-off in the crypto market, the coin chart formed six consecutive red candles, which tumbled the altcoin by 27.5%, bringing it to $2.44. However, the long-tails candle at this support hints the buyers are defending this level with vigor. Can bulls follow up on this rejection, or bears continue their correction?
<h2>Key technical points:</h2>
<ul>
 	<li>MANA price obtains strong support from 200-day EMA</li>
 	<li>The 4-hour RSI chart projects a bullish divergence </li>
 	<li>The 24-hour trading volume in the Decentraland token is $1.4 Billion, indicating a 16% rise. </li>
</ul>
<h2>Past Performance of MANA</h2>
The MANA/USDT technical chart showed a double bottom pattern in the daily time frame chart. A bearish breakdown from the $2.89 neckline intensified the selling pressure and plunged the coin to $2.44. However, the shared support of the mentioned level and the 200-day EMA bolstered the bulls to wrest control from bears.

<img src="https://s3.tradingview.com/snapshots/f/FdYoam5K.png" alt="TradingView Chart" />

Source-<a class="editor-rtfLink" href="https://www.tradingview.com/x/FdYoam5K/" target="_blank" rel="noopener">Tradingview</a>
<h2>MANA Technical Analysis </h2>
The MANA price trades at the $2.6 mark by press time, indicating a 6.84% gain from $2.44 base support. Furthermore, the technical chart shows the buyers have to face a significant hurdle of combined resistance level, i.e., Horizontal chart level $2.82 and 20-day EMA.

The MANA price is sandwiched between the 100-and-200-day EMA, providing an extra confirmation as price breakout from either of these levels. However, a bearish crossover of the 20-and-100 EMA could attract more sellers to the market.

The MACD indicator shows the fast and slow lines were on the verge of slipping below the neural line. However, the diminishing faded red bar on the histogram chart demonstrates a weakness of bearish momentum. 

The 4-hour RSI Indicator slope shows a bullish divergence despite the lower low price-action formation. The increasing bullish momentum hints at an upside breakout from $2.44 resistance.

<img class="aligncenter size-full wp-image-228273" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/02/Screenshot_21-1.png" alt="" width="1420" height="568" />

As per the GIOM indicator, 48.3% of the total addresses holding the Decentraland token are In the Money, indicating that their buying/holding price is less than the market price. Hence, these addresses are at a profit. 

However, the 'At the money' cluster reflects support at $2.59 and the following support cluster between $2.3-$2.29. Alternately, the "Out of the Money" clusters with a relatively larger size at $3.13, followed by $3.43, indicate the path to least resistance is downward.

In a nutshell, the MANA technical analysis maintains a negative bias with the possibility of a reversal from the upcoming support levels. 
<h2>Upcoming Trend</h2>
If MANA bulls pierced the overhead resistance of $2.82, the buyers would drive the price 25% higher to rechallenge the $3.5. If buyers breached follow-up resistance, the traders would acquire a better confirmation for a bullish rally.

Support Levels: $2.44 and $2

Resistance Levels: $2.82 and $3.42

MANA Technical Analysis: MANA Buyers Defend 200-day EMA; Can We Expect A Bullish Recovery?

On February 24th, the MANA token price action showed a long lower price rejection candle of over 15%, indicating the intense demand pressure below $2.44. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

MANA Technical Analysis: MANA Buyers Defend 200-day EMA; Can We Expect A Bullish Recovery?

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