While almost all cryptocurrencies continue to lose, Decentraland's MANA is consistently racking up gains, strongly rejecting recent low prices.
At the time of this publication, MANA is trading at $1.20, accumulating a gain of 4.94% in the last 24 hours, although still maintaining a loss of 18.8% in the last 7 days.
With a market capitalization of $2,107 million, it is ranked 33rd in the Crypto Online ranking.😌
MANA Price Technical Analysis
Metaverse cryptocurrency Decentraland has been recovering nicely from the recent market crash, outperforming even over Bitcoin, which has yet to break out of the dovish sentiment.
In fact, MANA is currently the best performer of the top 100 coins in the last 24 hours.
In the weekly chart MANA vs USD we can see how these recent gains have been leaving a strong rejection of low prices, which seems to signal the bottom of the decline.
The price was about to touch the SMA of 200 weekly periods, which is an indicator that usually acts as support in the midst of strong corrections of bullish cycles.
The long-term trend is clearly bullish, so the recent drop and rejection of bearish intent can be seen as a correction from that previous direction.
Daily chart
It is still early to confirm that the bulls have regained control. On the daily chart, the short-term trend remains down.
MANA has been making lower and lower lows since early February, and this direction continues.
Currently, we see the price trying to break through the immediate resistance, located at $1.11. Exceeding it could open the way for a bullish transaction. The recent buying volume seems to be a good sign of a reversal.
The 8-day EMA and 18-day SMA are crossed to the downside. Buyers should wait for a cross to the upside to confirm that control has been regained in the short term.
The 200-day SMA is still bearish and quite far from price, which gives us an idea of the significant selling pressure of the last few months, and that it must be wrapped to resume the larger trend.
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