The present price motion of Decentraland (MANA) indicates that market optimism is on the rise because the digital currency regains its bullish momentum, with the value now targeting the important thing resistance level of $0.3713. This recent surge in MANA’s price occurred following a price rejection at $0.3099, marked by the formation of a hammer candlestick pattern.
MANA has shown renewed strength, attracting investors and traders who’re eagerly waiting for a chance to capitalize on the potential upward movement, especially because it approaches the critical resistance level of $0.3713.
As MANA targets the $0.3713 price level, this text goals to explore the present bullish sentiment surrounding the token, including technical indicators and market trends. It’ll also evaluate potential resistance and support levels that the crypto asset may face, offering insights into the general market outlook.
On the time of writing, the value of MANA was trading around $0.3472, up by 5.41%, with a market capitalization of over $662 million and a trading volume exceeding $33 million. Over the past 24 hours, there was a 5.51% increase in MANA’s market capitalization, while its trading volume has fallen by 16.99%.
Technical Evaluation: Current Market Sentiment And Trends
On the 4-hour chart, MANA has shown a major bullish momentum as the value breaches the $0.3483 level and is now heading towards the important thing resistance level of $0.3713. Also, the value of MANA has successfully crossed above the 100-day Easy Moving Average (SMA), signaling a possible bullish trend and increased market confidence.
Source: MANAUSDT on Tradingview.com
The Relative Strength Index (RSI) on the 4-hour chart has successfully crossed the 50% level and is now moving towards the 70% level, which is taken into account to be within the overbought range. This increasing bullish momentum indicates that purchasing pressure is strengthening.
On the 1-day chart, although MANA continues to be currently trading below the 100-day SMA, the value has printed a hammer candlestick pattern followed by a bullish engulfing candle, which suggests a possible reversal from a downtrend to an uptrend.
Source: MANAUSDT on Tradingview.com
The 1-day RSI indicators also suggest that the digital asset may proceed its bullish rally toward the $0.3713 resistance level because the RSI line is trending above 50%.
Potential Scenarios For MANA
MANA is currently bullish targeting the important thing resistance level of $0.3713. A successful breakout above this resistance could signal further gains, potentially pushing the asset to the subsequent resistance level at $0.3927 and other levels beyond.
If MANA’s price is rejected at $0.3713 and fails to interrupt above the extent, it could end in a retracement or consolidation. Should the crypto asset fall back and break through the support level of $0.3103, it could signal the potential for further downward movement, possibly targeting $0.2809 and other support ranges.
MANA trading at $0.3476 on the 1D chart | Source: MANAUSDT on Tradingview.com
Featured image from LinkedIn, chart from Tradingview.com