MANA technical breakdown shows positive trends while bulls are getting rebuffed at the resistance level of $2.70. Price has increased 11% during this short term trend. Technicals point to a stalled rally at resistance levels after seeing bullish moves for the past week.
Decentraland (MANA)
Source: TradingView, MANA/USDT
In its descent from its ATH, MANA lost over 70% of its value and hit its 11-week low on 22 January. Since then, it has seen a strong recovery that faced resistance at its month-long trendline resistance until 23 March.
The recent rising wedge breakdown saw a solid revival from the $2.3-level. As a result, the alt was up by nearly 11% in just the last three days. With this rally, bulls flipped the long-term trendline resistance to support. Consequently, the price kept hovering above the upper band of the Bollinger Bands.
At press time, MANA was trading at $2.618. The RSI headed into the 70- region and confirmed an overbought situation for the alt. Furthermore, the CMF ensured the zero-line as immediate support and affirmed the edge in favor of bulls.
MANA Showing Gains for Almost a Week
Decentraland (MANA) price is on a winning streak after booking a fourth consecutive day of gains. This morning, bulls tried to break the 55-day Simple Moving Average (SMA) at $2.70 but failed after receiving a firm rejection. Although a fade is quite normal after such a rejection, assuming bulls can eke out gains, the rally is still likely to be considered live.
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