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- MANA Token price action forms a substantial bullish engulfing candlestick.
- The announcement of Facebook’s Metaverse increases the buying volume.
- The pair of MANA/BTC is trading at 0.00002222 BTC with an intraday move of +69.69%
MANA Token price gains trend momentum, resulting in a substantial bullish engulfing candlestick in the daily chart. The token price breaks a crucial resistance zone in the daily chart.
Price action analysis has shown that the resistance levels of the Token are at $3.5, following $5.0. However, if the price drops below $3, sellers could face resistance at $1.75.
MANA Token trades for $2.73 and has experienced an 11.73% rise in market capitalization within 24 hours. In addition, the intraday trading volume increased by 51% over the last day.
Increasing Buying Pressure Brings New All-time High for MANA Token Price.
If the uptrend continues, investors will soon see the price rise above the $5 mark. Traders can find entry opportunities at the breakout of $4 or the retest of $1.75.
The MANA token price shows a bullish trend, with its price trading below all the crucial EMAs 20, 50, 100, and 200. Furthermore, the price action indicates a rise in the number of buyers driving the price higher.
The RSI indicator predicts a boom in the underlying bullishness in MANA token price, as the slope spikes towards this overbought zone in the daily chart.
MACD indicators display the MACD and signal lines higher into the daily chart. The MACD indicator indicates a buy signal.
Conclusion: A MANA Token Price reflects a boom in the underlying buying power evident by the bullish candlestick in the daily chart. The rise in buying pressure is related to the new update of Facebook. With the renaming of Facebook to Meta to develop their Metaverse, investors divert their attention to the pre-existing Meta-verses like Decentraland.
Support – $3 or $1.75
Resistance – $4 and $5
