MANA price extends the previous two session’s gains. The price found reliable support at $2.25. Earlier, MANA depreciated 59% from the highs of $3.55.
- MANA edges higher on Wednesday with modest gains.
- A break above the bearish slopping line would test $3.06 next.
- The downside is limited to the 200-day EMA.
MANA price remains pressured near $2.50
MANA price faces rejection near the critical $2.50. The descending trend line from the highs of February 9 acts as a strong resistance barrier for the bulls. Currently, the price is hovering near an inflection point, where MANA is preparing to explode.
MANA’s price holds near the critical 200-day EMA (Exponential Moving Average) at $2.41. A renewed buying pressure might push the price above the bearish slopping line. On moving upside, the immediate hurdle will be located at 50-day EMA at $2.61.
A sustained buying pressure will take out the horizontal $3.06 level. In total an ascent of 24% from the current levels.
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On the flip side, if the price falls below the session’s low then it will neglect the bullish theory. This will also coincide with the break of the critical 200-EMA. In that case, MANA price could revisit the horizontal support level at $2.25. A daily close below this level will accelerate the selling toward the $2.0 mark.
As of press time, MANA/USD reads at $2.46, up 1.15% for the day. The 24-hour trading volume holds at $371,339,212.
Technical Indicators:
RSI: The daily Relative Strength Index comfortably trades above the average line. It reads at 47.
MACD: The Moving Average Convergence Divergence hovers below the central line with bullish momentum.
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