- MANA token price is falling from the past trading days and is now trading at $2.63.
- The oken is forming a double top pattern on a daily time frame .
- The pair of MANA/BTC is trading at 0.00006978 with a decrease of -3.10% in the market cap of the digital asset over the past 24 hours.
MANA Token price is in a strong downtrend from the past trading days.Recent plunge in the overall cryptocurrency has led to further fall in the price of the digital asset. MANA token price is currently trading below all the vital Exponential Moving Average (20, 50,100) and could face rejection moving upwards.The token is forming lower low and lower high formation on daily time frame.Recently, the token broke out og all the vital EMAs but bearish pressure resulted in th token falling below all of it.At present, the token is trading along the lower band of the bollinger band indicator after facing rejection at the upper band.The token ha formed big bearish candle at the lower band and thus it can result into big fall in upcoming trading days.Volumes have decreased over the past trading days compared to previous weeks and thus breakout of short term demand zone at $2.5 could result into big fall.
MANA Token is forming double top pattern on daily time frame
MANA token price is in a downtrend from the past trading weeks.The token tried to change the structure by breakout out of the lower low and lower high formation but failed as it faced rejection from the same supply zone of $3.4 twice, resulting in the formation of double top pattern.
Average Directional Movement Index: ADX has been continuously dipping from the past trading days, and recently, it slipped below 20, as the token faced rejection at $3.4.The ADX curve is seen turning sideways, but it will be difficult for the pierce to move up as bears seems to have taken control forming a big bearish candle at demand zone.
Relative Strength Indicator: RSI is trading at 43.86 after the token faced rejection and fell. The RSI curve has crossed the 20 SMA and is already trading below the halfway mark of 50, suggesting a bearish trend for the upcoming trading days. As the RSI curve dips, the token price is also falling.If the token price breaks down the demand zone of $2.5, RSI curve can fall below oversold zone and thus it will become difficult to recover for a long time.
Technical parameters are showing bearish signs on a daily chart
MANA token price is not able to recover due to bearish momentum in the overall cryptocurrency market over the past 24 hours.The technical parameters suggest the same.
Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily time frame as it gave a positive crossover. The seller’s (orange) crossed the buyer’s (blue) signal line on the downside. Recently, the MACD side touched the seller’s line and fell below it.The token is showing bearish momentum and MACD also turned bearish, indicating the presence of bears.If the token does not sustain above $2.5,then the beast will push the price further down and it will become difficult for the token to recover.
Supertrend: Supertrend indicator is still showing bullish signs as the token is yet to break $2.5 which happens to be the super trend line.Once the token breaks down the trendline the indicator will turn bearish.If the token has bounced off the supertrend line twice and is again approaching it.it remains to see if the buyers help push the token price upwards or bears trample it down.
CONCLUSION: MANA Token price is in a downtrend on a larger time frame and the technical parameters suggest the same.it remains to see if the token is able to sustain above$2.5 short term demand zone or bears take the control and push price further down.
SUPPORT: $2.5 and $2.3
RESISTANCE: $32 and $3.5
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.