MANA is a virtual reality platform powered by the Ethereum blockchain that enables users to create, experience, and monetize content and applications. Users can buy plots of land, navigate, build, and monetize them in this virtual world. Let us look at the technical analysis of MANA.
The current trading price of MANA is $0.84. In the last 24-hours, MANA has traded between $0.80-$0.86. Also, in the last 24-hours, the price has witnessed an upsurge of 0.61%, and during last week the trading price increased by approximately 16%.
After the 2020 NFT boom, the demand for gaming tokens have surged. Many have shifted to mine gaming tokens instead of other coins. Moreover, before the NFT boom, the virtual land rates were as low as $20, and after that, the prices have soared as high as $100,000.
On the chart, the price is near June's resistance level. It can break out from this level and make new monthly highs. However, we can not rule out the possibility of a trend reversal. Let us look at what the indicators are suggesting:
The RSI has been making higher highs and higher lows for the past two months for MANA. Thus, indicating that the bulls have maintained the buying volumes. Currently, the RSI is at 66.37% and has a lot more potential to rise.
We can see a bullish crossover on the daily chart as the MACD line crosses over the signal line. Thus, giving a buy signal.
On the daily chart, OBV has broken the downtrend and has started an upward journey. Thus, the demand for the token looks strong.
Currently, the MANA price is below the FIB pivot level of $0.83. However, the price is in a narrow range after retesting the support level, we can expect it to break the resistance level. As per the FIB retracement levels, the target on the upside can be $1.06, followed by $1.14.
However, the price is going to face a high selling pressure from the resistance level. Therefore, the key support level to look for is $0.6380. If the price falls below this level, the long term up-trend would be reversed.