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Decentraland Price Analysis: MANA Token Obtaining Strong Support From The $200-day EMA
The MANA token price reclaims the 50 EMA in the daily time frame chart
The MANA/BTC pair was trading at 0.00001282 BTC with a gain of 1.39%
The 24 hr trading volume in MANA token is $221.2 Million, indicating a 136.9% hike
On September 29th, the MANA token bounced from the $0.61 support forming a double bottom pattern in the daily time frame chart. The token price also managed to cross above the $0.75 neckline and is still trying to hold above this support with the help of the 200 EMA line.
Concerning the EMA’s, the MANA token is trading above all crucial EMA’s 20, 50, 100, and 200, indicating an uptrend in this token. Moreover, the 200 EMA offers strong dynamic support to the token’s price.
The RSI (BULLISH) value is at 51, indicating a slight bullish to neutral sentiment for this token However, the RSI line has shown impressive recovery in value in relation to the token price action.
The MANA Token Price Is Forming A Inverted Head And Shoulder Pattern
The MANA token chart shows the formation of an inverted head and shoulder pattern in the 4hr time frame chart. The neckline for this pat
tern is shown with a resistance trendline, and the price is currently forming the right shoulder of the pattern. Thus, the crypto traders can expect an excellent long opportunity once the price breaks out from this overhead trendline.
The MACD indicator (BULLISH) shows both the MACD line and the signal line have just crossed above the neutral zone(0.00), indicating a shift from bearish to bullish momentum.
Conclusion: From the technical perspective, the short-term trend for MANA tokens is still bearish. However, the technical chart reveals an excellent bullish pattern for the crypto trader, which can push the price back to $1.08 if it provides a decisive breakout from the neckline of this pattern.