MANA price undergoes a downward trend as the bulls face rejection near swing highs. The ADA buyers failed to hold on to gains causing headwinds that weigh on any positive bullish sentiment.
- MANA price extends the gains for the second session in a row on Tuesday.
- A ‘hammer’ formation on the daily chart suggests gains toward $2.80.
- However, the downside risk remains intact below $1.95.
As of press time, ADA/USD is trading at $2.16, up 3.50% for the day. The 24-hour trading volume of the cryptocurrency is holding at $326,452,119 as per the CoinMarketCap.
MANA price looks for an upside reversal
MANA price is under the dominance of the bears after a firm rejection near the swing highs around $3.55. Further, the price fell below the critical 200-day and 50-day EMA (Exponential Moving Average) at $2.62 and $2.44 respectively. The upside pressure resulted in a long squeeze since April 7.
With a 10% loss over the weekend, bulls are being pushed against the support zone at around $1.95. Now, the formation of the ‘hammer’ pattern, which is a bullish formation indicates a bounce back is round the corner.
With the support of above an average volume, the price would jump to test the crossover of the crucial moving averages near $2.50. Next, market participant after crossing this hurdle will keep their eyes on March 31 high at $2.84.
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On the other hand, a daily close below the $1.95 support zone would trigger a fresh round of selling in the asset. On moving down, MANA price could revisit the record low made in late January 22 near $1.70.
The stochastic oscillator shoots up from the oversold zone on April 18 indicating the presence of the bullish undercurrent. Another momentum oscillator attempts to move above the midline with receding bearish momentum.
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