Decentraland Price Analysis: MANA Token Seems To Be Ready To Resume Its Rally, Should You Buy It?

Source : coingape.com

The Metaverse token like MANA gained massive popularity among the crypto investors when Facebook announced its rebranding to ‘META.’ The technical outlook for MANA/USD indicates the overall trend remains bullish, and it looks likes the token price is doing a good job sustaining on the higher levels.

Key technical points:

  • The MANA token price breaks out from the Flag pattern pattern
  • The intraday trading volume in the MANA token is $5.3 Billion, indicating a 318.72% hike

Source- MANA/USD chart by Tradingview

The MANA token rally made a new All-Time high of $5 on October 30th. This surge was too much for the token, and to stabilize this growth; the token provided a minor retracement phase.

The MANA price plunged to the Fibonacci level of 0.618, which provided sufficient support for the token. Furthermore, the 20 EMA line also contributed as a good support level. These crucial EMA’s validates the token is under a strong uptrend.

The Relative Strength Index(71) value has also stabilized as the sudden price surge had pushed it to the overbought territory.

MANA/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- MANA/USD chart by Tradingview

The MANA token revealed a flag pattern in this lower time frame chart, providing a great long opportunity for crypto traders. On November 11th, the token price provided a proper breakout from the resistance trendline and initiated a significant up movement. 

On its previous rally, the MANA token struggled to give a candle closing both in daily and 4hr time frames. Thus, the crypto trade can wait for the price to sustain above this level before initiating a new long position. 

The traditional pivot shows remarkable confluence with the MANA/USD chart level. According to these pivot levels, the nearest resistance for this token would be at $3.6, followed by $4 and later $4.6. The token price is currently trading at the $3.34 mark with an intraday gain of $25.3%.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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