Decentraland (MANA) shows an uptick after it has successfully breached a critical supply level adjacent to $0.9405.
Current price analysis also shows a prolonged consolidation as a couple of candlesticks would need to close higher than its current level in order to sprint further.
MANA Trades At $1.07
According to CoinMarketCap, MANA/USD trades at $1.07 or up by 2.43% as of press time. The 24-hour trading volume improved a bit compared to a couple of hours ago and is currently riding at $148,165,816 or down by 13.47%.
MANA price was down by 28% a couple of hours ago so this is definitely a huge improvement so far. A downtrend in price with a reduction in trading volume would usually hint a downside trend but so far the numbers are definitely improving by the hour.
Judging by the daily chart, MANA price certainly looks bullish with established higher highs as well as higher lows. Interestingly, the MANA bulls are trying to shift the support into a resistance zone. More so, MANA price was able to break the important 50-day EMA seen at $0.947.
Buying Pressure Can Trigger Uptick In MANA Prices
It’s wise to note that Decentraland has been trading below the EMA since April. The chart also shows a Doji candlestick pattern indicating some form of indecisiveness or apprehension from investors. But, a reinvigorated buying pressure can surely trigger the prices to go higher.
More so, a daily candlestick spotted well above the session’s high leaves a flicker of hope for the bulls. With that said, the bulls will definitely shoot next for the $1.20 level.
Generally, the total volume levels would usually go down following a price consolidation. More so, the volume may also pick up close to the highs as seen in the charts. Following the third session high, volume expansion becomes apparent after the downtrend. More so, the breach in the support will strengthen the validity of the pattern.
Trading volumes for MANA is observed to be trading below its average numbers for the past few weeks; plus the price trading shooting for a slight uptrend. Now, if MANA price fails to close above the $1.05 mark in the next sessions, MANA might possibly slip into a downtrend.
MANA total market cap at $1.98 billion on the daily chart | Source: TradingView.com
Featured image from Medium, Chart from TradingView.com
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