The MANA technical analysis shows a bearish breakdown of $0.6, bringing it to a lower level, but is it a good buy at such a discount?

Amid the ongoing bearings sentiment in the crypto market, the MANA price has been losing for four consecutive days. The downfall registered 15% and, in between, breached the $0.6 support. So, where will this downfall stop?
<h3>Key Points:</h3>
<ul>
 	<li style="font-weight: 400">A downsloping resistance trendline bolsters the ongoing downtrend. </li>
 	<li style="font-weight: 400">The daily-RSI slope nosedived into the oversold region, hints a price reversal from $0.6.</li>
 	<li style="font-weight: 400">The intraday trading volume in Decentraland is $112 Million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/5/50gEqg89.png" alt="MANA Price Chart" width="2047" height="1006" />

Source-<a href="https://www.tradingview.com/x/50gEqg89/">Tradingvkiew</a>
<h2>MANA Technical Analysis</h2>
From Mid-September to October the Mana price resonated in a descending triangle pattern. Finally, on October 10th, the altcoin gave a massive breakdown from the $0.67 support neckline and intensified the bearish momentum.

The bearish market sentiment bolstered the same motive resulting in an aggressive downfall. The post-breakdown fall registered 8.67% over the past three days. The significant volume spike during this drop validates that the sellers are confident to acquire lower levels.

The MANA price currently trades at $0.59, with an intraday fall of 8.76%. Thus, the long bearish candle breaks another support level of $0.6. Additionally, this development offers a selling opportunity to pull the altcoin lower to $0.50.

On a contrary note, if the buyers manage to sustain above the $0.6 psychological support. Then, the coin holder may witness a minor relief rally to the breached $0.67 level.
<h2>Technical Indicator</h2>
The RSI indicator shows a sharp dive into the oversold region, indicating the traders may have overextended the selling activity. This development suggests a higher possibility for relief rally theory. Moreover, the bearish crossovers between the fast and slow lines offer additional confirmation for the established downtrend.

Therefore, the MANA technical analysis suggests that overall sentiment is bearish, but prices may witness a minor bullish reversal.

Resistance levels- $0.066 and $0.073

Support levels-  $0.054, $0.045

MANA Technical Analysis: Oversold RSI Hints A Potential Upswing

The MANA technical analysis shows a bearish breakdown of $0.6, bringing it to a lower level, but is it a good buy at such a discount?

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: Oversold RSI Hints A Potential Upswing

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