A Flag pattern is leading this correction rally in Decentraland (MANA) token price. The token is still trapped inside this pattern, and so far it has almost lost 50% of its value. The long traders should wait for a bullish breakout from the overhead trendline to acquire a proper long entry signal.
Pagrindiniai techniniai punktai:
- 100-day EMA provides strong support to MANA token
- The ADX slope has shown a significant drop in its value
- The 24-hour trading volume in the Decentraland token is $344.9 Million, indicating a 13.9% loss
Šaltinis-Tradingview
Anksčiau, kai aptarėme straipsnį apie Decentraland ir token price analysis, the MANA/USD price was trying to recover from the January 5th bloodbath in the crypto market. However, the buyers couldn’t sustain the price at a higher level and dropped it back to the 0.168 Fibonacci retracement level(2.61).
Anyhow, the technical chart shows the formation of flag pattern in the daily time frame. This pattern represents a short resting period for the token price before it could continue its upside rally.
The MANA token price trading above the 100 and 200 EMA states a bullish trend. However, on the flip side, the 50 and 20 EMA lines could act as a valid resistance level.
The daily-Stochastic RSI shows recovery signs from the oversold region. The indicators displays several bullish crossovers between the K and D lines as it is charging towards the higher levels.
MANA Token 4-hour Time Frame Chart
Šaltinis- Tradingview
The MANA token price is currently trading at $2.95, with an intraday loss of 1.03%. The crypto traders should be patient till the price give a proper breakout from the overhead resistance, providing an excellent entry opportunity for them.
The average directional movement index(13) displays a downward slope, indicating the losing selling momentum.
The traditional pivot level indicates the overhead resistance for MANA price is $3 and 3.36. As for the opposite side, the support levels are $2.6, followed by $2.2.
Atsakomybės neigimas
Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.
apie Autorius
Source: https://coingape.com/markets/decentraland-price-analysis-escaping-the-flag-pattern-mana-token-could-rally-to-the-5-5-mark/