Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

MANA shows signs of a pullback, where can bulls look to enter next?

2min Read
MANA shows signs of a pullback, where can bulls look to enter next?

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The lower timeframe market structure of MANA was bullish.
  • The $0.75 level acted as support- but will it be broken soon in a pullback?

Decentraland has performed strongly in the market over the past month. Its token MANA continued to have a bullish bias on the price charts. However, there was evidence on higher timeframe charts that the upward momentum has begun to wane.


How much are 1, 10, 100 MANA worth


A move back below $0.75 could flip the bias. Bitcoin also hovered near the $23.4k area and faced stiff opposition near $24.2k, and beneath the $25k mark.

The rally of the past month could continue but a move above $25k would ease the fears of overextension from the bulls.

The daily timeframe developed a divergence and a pullback could be imminent

MANA shows signs of a pullback, where can bulls look to enter next?

Source: MANA/USDT on TradingView

The $0.75 level has acted as resistance since mid-January. Previously in early September, this area had served as support before being flipped to resistance later that month. Therefore, the developments of the past few days were bullish, as $0.75 has been flipped to support once more.


Realistic or not, here’s MANA’s market cap in BTC’s terms


On lower timeframes like H1 and H4, it was apparent that $0.81 was an area of interest for the bears. A session close above it could galvanize the buyers.

However, as already mentioned, Bitcoin faced intense resistance in the $24.5k-$25k area. Its move above $23k wasn’t swift, which sparked doubts about the demand behind the asset.

Monday’s high and low could establish a range for MANA as well and is one to watch out for. The RSI was at 51 to show neutral momentum. The OBV crept upward over the past few days, which suggested that there was a demand for the token.

Open Interest remains flat- participants are sidelined and sentiment remains neutral

MANA shows signs of a pullback, where can bulls look to enter next?

Source: Coinalyze

The spot CVD has been in a downtrend over the past three days, which clashed with the findings from the OBV. This indicated that sellers had the upper hand.

Even though MANA flipped $0.75 to support, buying pressure has not stepped in. Whether this changes over the coming week remains to be seen. A breakout for Bitcoin above $25k could usher in the next leg upward for MANA.

The price and the OI have been flat in recent days. Since February 1, the price has faced resistance at $0.81. Meanwhile, the OI has made a lower high, which suggested discouraged long positions and a lack of participation. A surge in OI could occur alongside a breakout past $0.81.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.