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- 1 The MANA price has retested the 20-day EMA mark and witnessed a rebound.
- 2 Technical indicators reveal a setback; the token may soon retest the $0.6500 level.
The MANA price witnessed a follow-on selling momentum and retested the 20-day EMA in the previous session. However, a notable rebound prevents breaching the zone, and the token hovers around it. Until the bulls do not sustain the upside of $0.7000, the token will continue to retrace and may deliver a correction ahead. Despite the meaningful surge of over 30% this month, the technical indicators still reveal a bearish sign and hint at the underperformance on the charts.
At press time, the Decentraland crypto (MANA) price was trading at $0.6856 with an intraday gain of 3.19%, indicating neutrality on the charts. It has a monthly return ratio of 40.78% and 19.89% on a yearly basis. The pair of MANA/BTC is at 0.0000100 BTC, and the market cap is $1.51 Billion. Analysts are neutral and suggest the MANA token price may take support near its 50-day EMA zone and will consolidate in the following sessions.
MANA Price to Volume Profile Outlook
The above data shows a setback for the token, as signs of reversal from the top were witnessed with an uptick in the trading volume. This activity implies entry of the bear cartel, which will soon push the token toward the downside support levels. This week, the price has given a change of (-14%), whereas the trading volume noted a change of (+50%), which reveals a negative outlook for the following sessions.
Price Volatility Remains Steady; Sentiments Looks Strong
Per the Santiment data, the price volatility remains steady, and low investor interest is witnessed, leading to a price retracement move. However, the total weighted sentiment has given an uptick and looks positive. The sentiment data noted a bounce of over 30% and reached a mark of 1.56.
The Relative Strength Index (RSI) curve noted a bearish crossover, and the value shrinks to 68, heading toward the midline. The technicals suggest a short-term correction, and the token may retest $0.6300 shortly.
Social Dominance and Development Activity Overview
The data indicates a decline in the social dominance value, which reveals the decline in the investors’ participation and discussions reports on the media platforms. Likewise, the Twitter followers’ value has been noted to fall by over 300% to 170 this month. Similarly, the development activity keeps lowering and has slipped by over 22% to 23.78.
What Does Open Interest Indicate?
This week, the MANA crypto has replicated a bearish trend with a change in open interest of over -10%, implying prolonged unwinding activity. Investors are booking their profits and exiting their long positions, leading to a price-wise correction. The total number of holders also remained at 302k, implying a neutral outlook.
The Total supply of the MANA crypto is 2.19 Billion, and the volume-to-market cap ratio is 0.0960.
Summary
The MANA crypto price witnessed a pullback from the 20-day EMA and is decisively holding gains, replicating neutrality on the charts. However, the trend is shifting from bullish to neutral, and further profit booking may be seen in the following sessions.
Technical Levels
Support Levels: $0.6500 and $0.6300
Resistance Levels: $0.7000 and $0.7200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
