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•MANA/USD is currently priced at $0.96 and has decreased by 1.12% over the past day
•The trading volumes have decreased by 31.64% over the past day
•The technical indicators project a bearish outlook for the near term
Short Term View: Will the Mana Price be able to recover or will the bulls falter?
The Mana price today is $0.969116 USD with a 24-hour trading volume of $115,196,371 USD. Mana Coin is down 1.12% in the last 24 hours. The trading volumes have decreased over the past day amid a shortage of buyers in the market whereas the Volume to Market Cap Ratio stands at 0.06428 for the altcoin.
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Mana Coin is currently trading in a downtrend as it is transacting below the 20,50 SMA on the four hour chart. After reaching its all-time high of $5.90 on Nov 25, 2021, a series of corrections have prevented the altcoin from carrying the bullish momentum over to the new year. The Mana price analysis shows that the price action has stagnated at the $0.96 mark and is unable to break past the psychological threshold of $1 as the buying momentum has died down. As time passes, the bearish pressure continues to increase and a downwards breakout towards the support level placed at $0.90 becomes more likely.
Long Term View for Mana Price
The RSI line has moved below the 14 day SMA line on the daily chart and is currently transacting at 40.73, thus giving off a neutral signal. The current position leaves room for sharp movement in either direction while the current gradient shows a lack of momentum from either side of the market. The green histograms have taken a beating on the daily MACD chart as well, while the MACD and signal lines continue to transact in the negative zone. The bulls have a herculean task ahead of them if they are to overturn the bearish momentum.
Conclusion
The Mana Coin technical indicators are suggesting the downwards movement to continue that may snowball into a bearish market. Hence, the bulls need to be on their toes to prevent further losses.
Support: $0.90-$0.75
Resistance: $1-$1.20
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
