- The MANA token bears reclaimed the 20-day EMA
- The MANA/BTC pair was trading at 0.00007856 BTC with a gain of 12.9%
- The 24-hours trading volume in MANA token is $3.03 Billion, indicating a 30.5% gain
The MANA token showed an impressive rally in November, which made a new All-Time High of $5.9. Later the price experienced strong selling pressure from this level the price entered a correction phase. The token displayed five consecutive red candles in its technical chart, which plunged the token price to a significant support level of $3.62 mark.
Regarding the EMAs, the MANA token price is trading above the crucial EMAs( 50, 100, and 200), indicating a bullish trend for this token. However, with the recent selling pressure, the token price has reclaimed the 20 EMA line.
The RSI (BULLISH) value is at 79, indicating a slight bearish to neutral sentiment within this token. However, the RSI line is steadily moving towards the oversold territory.
The MANA Token in the 4-hour time frame chart
The MANA token could be one of the few crypto tokens that survived the sudden selling pressure in the crypto market on December 4th. The token has retested a significant support level of $3, and after receiving enough demand pressure from the level, it was able to rebound. The token price is currently at $3.8 and has a daily loss of 6.44%.
The nearest resistance level the crypto traders can mark is at $4.3 followed by $5.6. And on the opposite side, the support levels are $3.6 and 3. The moving average convergence/divergence indicator (BEARISH) shows the MACD line and the signal line below the neutral zone(0.00), indicating bearish momentum.
Conclusion: From the technical perspective, the overall trend for MANA tokens is bullish. However, as mentioned, the token is currency under a correction phase which has plunged the token price to the $3.8 mark.
Support– $3
Resistance– $4.3
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.