MANA coin price coils up within a falling wedge pattern in the daily chart, increasing the chances of a breakout. Is it a time to hold or sell?

Decentraland defines itself as a computer game platform hopped-up by the Ethereum blockchain that enables users to create, experience, and legitimate content and applications.

Decentraland uses 2 tokens: MANA, an ERC-20 token that has got to be burned to amass non-fungible ERC-721 LAND tokens. These tokens may want to get hold of a spread of avatars, wearables, names, and a lot more on the Decentraland marketplace.

Let us move ahead to read about Decentraland technical analysis.
<h2>Past Performance of MANA</h2>
The MANA coin price action coils up within a falling wedge pattern in the daily chart. The price action shows a downfall of 40% from the inception of <a href="https://www.cryptoknowmics.com/news/mana-technical-analysis-elliot-waves-hints-the-end-of-correction/">the pattern</a>. Moreover, the dynamic resistance of the 50-day Exponential Moving Average keeps the bullish growth in check.

<img src="https://s3.tradingview.com/snapshots/e/ERsiSJLr.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/ERsiSJLr/">MANA/USD Daily Chart</a>
<h2>MANA Technical Analysis</h2>
The MANA coin price action is close to giving a breakout of the wedge pattern in the daily chart. Therefore, traders can shortly find a breakout entry opportunity.

Crucial EMAs (50, 100, and 200) move sideways in the daily chart with a bullish alignment. However, the price resonates within the 50 and 100-day EMAs resulting in a consolidation range. Therefore, the breakout of either EMAs will generate an entry signal.

The MANA price action suggests upcoming high supply areas at $3.45 and $4.15 above the falling wedge. And, in case of a bearish breakout, the price can find demand at $2.5 and $2.

The RSI indicator at 46% shows the slope struggling to rise above the central line in the daily chart. However, the slope sustains above the 14-day SMA, indicating a slight rise in the bullish power.

The MACD indicator shows a bullish crossover in the MACD and signal lines in the daily chart. The crossover marks the end of bearish histograms and indicates a rise in underlying bullishness.

Therefore, the technical indicators suggest a possible bullish breakout of the falling wedge pattern. 
<h2>Upcoming Trend</h2>
The MANA coin price shows higher price rejection near the resistance trendline and the 50-day EMA. However, the technical indicators suggest a possible bullish breakout. Nonetheless, the breakout of either side will generate an entry spot. 

Therefore, traders can hold their positions till the price action gives a bearish breakout.

At press time, the sentiments chart remains "NEUTRAL" for the MANA token.
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<div class="tradingview-widget-copyright"><a href="https://in.tradingview.com/symbols/MANAUSD/technicals/" target="_blank" rel="noopener">Technical Analysis for MANAUSD</a></div>
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MANA Technical Analysis: Price Within Falling Wedge Traps Bullish Momentum, Is It a Buy or Sell?

MANA coin price coils up within a falling wedge pattern in the daily chart, increasing the chances of a breakout. Is it a time to hold or sell?

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: Price Within Falling Wedge Traps Bullish Momentum, Is It a Buy or Sell?

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