- The price of MANA is trading near $0.3344.The 24-hour trading volume was at $35.295 Million.
- The MANA price is observing a rise of +0.45% in the last 24 hours.
- The MANA year-to-date return is +12.87%.
Mana coin is the currency of Decentraland, a distributed virtual reality platform where users can build and monetize content and applications. Users can purchase land and other items in Decentraland with mana coins, as well as participate in the project’s governance. Mana coin is an ERC20 token that operates on the Ethereum blockchain and can be exchanged on various platforms. Decentraland is a metaverse where users can discover, interact, learn, and play in a network owned by its users.
Trend Analysis
By considering trend and price information history, we can say that MANA is in a downtrend. The price has declined -19.67% within a week and due to that MANA is showing poor performance.
MANA Trading Downwards
Technical Analysis (1D Timeframe)
MANA Price Analysis
EMA 20 & 50: EMA is a type of moving average that places more weight on recent price data than a simple moving average (SMA). It reacts more quickly to price changes and can help identify trends and reversals. The MANA price is currently below the 20 and 50 EMAs, which indicates that the price will decline in the future. If sellers continue to lower the price, it could drop further in a week.
EMA100 & 200: The price of MANA at present is trading below 100 & 200 EMA which suggests the price could fall shortly. If the sellers continue to push the price downwards, it could fall more in its value within a week. Hence, indicating sell.
MACD: Based on this chart, we can see that the mana coin is in a downtrend as the MACD line is below the signal line and both are negative and below the zero line. Therefore, it is indicating bearish momentum. The MACD line is at -0.0422 and the signal line is at -0.0331.
Also, when the signal line gets cut by the MACD line from below, the indicator is considered bullish. Likewise, when the signal line gets cut by the MACD line from above, the indicator is considered bearish. In this case, The MACD line crosses from above to below the signal line, the indicator is considered bearish. Hence, indicating sell.
RSI: The RSI line has been declining and approaching the oversold territory or the oversold level of 30 for the past few days. The 14 SMA has a value of 32.20 points and the RSI line is around 23.28. This indicates that the MANA market is in the oversold zone. The RSI is suggesting that the market may be losing steam.
Stoch RSI: The Stochastic RSI fluctuates between 0 to 100. With readings below 20, it is considered oversold and those above 80 reflect overbought conditions. The current %d line is at 0.89 and the %k line is at 0.75. This indicates that MANA is in an oversold zone.
Supertrend: It is an easy indicator constructed with just two parameters period and multiplier. At period value 20 and multiplier value 2, it shows signals of buy and sell.
A possible technical analysis based on these indicators & trendline:
- Mana coin has been trading lower in a descending channel breaking below the support of $0.35 and reaching a low of $0.32.
- The MACD indicator confirms the bearish trend, as it remains below the signal line and in negative territory, showing strong selling pressure.
- The RSI indicator also supports the downtrend indicating that the sellers are in control and that the buyers are losing interest.
Therefore, it would be wise to wait for a confirmation of the reversal based on the following indicators would be the best possible strategy. Alternatively, if the price continues to fall and breaks below $0.32, then the bearish trend may resume.
As per the Trendline, it seems it’s respecting the Trendline and the channel. From the point where it declined from the trendline, it’s been bearish and for the past week, it is been in a descending channel. For now, we can say it’s declining from the trendline but can go downwards more soon. So, the price of MANA can continue to fall.
Conclusion
According to the analysis, the Indicators are supporting the bears. If the price continues to move under the seller’s control, it is expected to fall more shortly from the current levels. Presently, the sentiments of the investors & traders are bearish regarding the price of MANA in the 1D timeframe.
Technical Levels:
- The Nearest Support Zone – $0.306 then $0.251
- The Nearest Resistance Zone – is $0.485 then $0.54
Disclaimer
In this article, The views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
