MANA Price Gets 2.5% Weekly Boost As Bulls Charge For ReversalChristian EncilaNewsBTC

This week, MANA showcased a slew of 2.5% gains. EMAs are also moving above Decentraland’s token’s price.

MANA price tallies 2.5% gains
MACD looks flat and not showing any bullish sign
Decentraland market cap at $1.29 billion

At this point, MANA’s price is close to its lowest for 2022. The bears are eyeing a new low for the year while also trying to get on top of the costs below the range of $1.0.

Sometime in August, MANA’s price plunged which negatively impacted buyer expectations especially as the coin is still getting massive rejections resulting from the trend reversal.

MANA Price Down In Market Value 

According to CoinMarktCap, MANA price has nosedived by 3.04% or trading at $0.6949 as of press time.

MANA price has depreciated in market value, prompting the bulls to wait for the next big wave or a confirmation of a trend reversal before moving to consolidate into long positions.

From July to August, MANA appeared to have allowed the bulls’ entry but has failed to offshoot above the $1.0 price level. With that being said, the key resistance level has been marked at $1.0 while the support zone is at $0.64. Evidently, MANA/BTC has also dropped by 2.9%.

After MANA’s price dipped below the 200-day EMA as seen on April 5, 2022, MANA has retreated further since then.

On the other hand, all the other EMAs such as 20, 50, 100, and 200 are doing great as they sprint above the current price. The buyers are trying to push the price near the 20-EMA.

MANA’s RSI shows a spike from the lower regions. This climb validates the optimistic outlook for the token. Meanwhile, the MACD is looking flat into the negative range as seen in the daily price chart.

MACD Shows No Trace Of Bullish Momentum

The MACD is not demonstrating any bullish momentum as both the trendlines are moving over the neutral range.

RSI is looking bullish as the MANA bulls shoot for a slight bounce above the 20 EMAs. On the other hand, the key support level is near the current levels which means the bears can attempt to short-cover at the earliest possible time.

Decentraland is said to be one of the few cryptos that buyers and traders should have on their active wallets, with its huge market cap of over $1.29 billion as of this writing and circulating supply that surpasses that of Bitcoin by at most 100 times.

Many blockchain-based or NFT games have aspired for decentralization but it seems Decentraland remains to be one of the few that are ambitious enough to make it happen. 

BTCUSD pair breaks past $19K border, trading at $19,445 on the daily chart | Source: TradingView.com

Featured image from Smart Valor, Chart: TradingView.com
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