Decentraland

The post <a href="https://coinpedia.org/price-analysis/mana-price-hammers-at-200d-ema-is-this-the-point-of-reversal/">MANA Price Hammers At 200D EMA: Is This The Point of Reversal?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Taking the clear path of a bullish reversal, the MANA price trend shows a potential bullish reversal. However, the bearish pressure shows a constant brawl at the 50% Fibonacci level, which reflects a strong secondary breakdown possibility.&nbsp; 
Further, with the dynamic support of the 200-day EMA under pressure, the volatility in the MANA price trend is on the rise.&nbsp;&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-1024x483.png" alt="" class="wp-image-263902" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-1024x483.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-768x362.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-1536x725.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/24145323/image-130.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Source – <a href="https://www.tradingview.com/x/Tn5b0Jy0/">TradingView</a> 
Following the bearish reversal from the peak of $0.56, the MANA price trend takes a 23% drop to challenge the bottom support levels. Crashing under the $0.50 mark, the altcoin is stuck at the confluence of 200-day EMA, 50% Fib level, and the $0.42 support zone 
Due to such a confluence of support variables, the MANA price shows a quick bounce back of 3.50% following the 3.55% drop last night. The quick reflex of buyers undermines the bearish candle of yesterday and increases the reversal possibility.&nbsp; 
Currently, the buyers are trying to avoid a double top breakdown with a neckline at the $0.42 support. Hence, the buyback is crucial for Decentraland to sustain the prevailing uptrend.&nbsp; 
Technical Indicators: 
RSI Indicator: Despite the recent drop in the daily RSI line, the momentum indicator shows a bullish divergence that may soon rocket the MANA price trend.&nbsp; 
EMA: The crucial support of the 200-day EMA remains a pivotal point. A breakdown will increase the death cross possibility and fuel the bearish trend. 
<h2 class="wp-block-heading" id="h-will-the-mana-price-reach-1">Will The MANA Price Reach $1?</h2> 
As the ongoing brawl takes a bullish approach to undermine the fall last night, the MANA price is rising back. However, the high volatility of the altcoin suggests that sideline traders to wait for a price action confirmation.&nbsp; 
Hence, the traders can find an upside entry opportunity if the daily candle manages to form a bullish engulfing candle. 
On the flip side, the breakdown of the 50% Fibonacci level might result in a slide down to $0.3795.

MANA Price Hammers At 200D EMA: Is This The Point of Reversal?

Table of Contents

CoinPedia News

Alte articole publicate pe 24 ian. 2024

What could drive crypto bull run expected in 2024-2025

Analyst Eyes UMA’s Bullish Surge to $8 Extending to the High of $13

Cardano Pauses Above $0.46 And Approaches Bearish Exhaustion

Solana’s New Phone Sells 30K Units in First Day; $2.9Million Meme coin Presale is 90% Sold Out

GAMEE Crypto Project Lost $15 Million to Unauthorized Trade

Aave Price (AAVE) Slumped 7% Intraday: How Far Could AAVE Drop?

Join our free newsletter for daily crypto updates!