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MANA Price Sinks 10%; Are You Still Holding?

Ethereum (ETH) Needs To Confirm This Bullish Pattern For A Recovery


Global crypto market recovery remains on toes as the early gains diminish gradually. MANA price kick-starts the new trading week on an optimistic note but failed to sustain the gains.

  • MANA’s price plunges 10% on the first day of the fresh trading weak.
  • The previous day’s technical formation indicated indecision among traders with the formation of a “Doji” candlestick.
  • The last hope for the buyers is that  MANA should stay above $1.10 on the daily chart frame.

As of press time, MANA/USD is exchanging hands at $1.20, down 10% for the day.

MANA price struggles to sustain the previous week’s upside momentum

Source: Trading view

On the daily chart, the MANA price took a breather near $1.35 as forms three sessions’ top consecutively that resulted in today’s price correction. The major trend remains on the downside still the price surged 130% from the previous week’s low of $0.59.

Analyzing the trend in the short time frame, the 1-hour chart indicates that the price moved along the ascending trend line from the lows of $0.59. In addition to that, MANA pierced above the critical 50-day EMA (Exponential Moving Average) at $0.84 adding fuel to the ongoing upside movement.

Source: Trading view

The RSI (Relative Strength Index) oscillates below the average line while trying to pierce to the upside. Another momentum oscillator gives a bullish signal with receding bearish momentum.

Investors are advised to wait for clear levels before placing any directional bet.

Now, if the price maintains the same momentum above the bullish slopping line the buyers would make an effort to touch $1.40 followed by the psychological $1.50 level.

On the flip side, the broader time frame suggests a struggle for the bulls. Thus, any failure to hold the session low would call for further downside in the asset.

A break below the $1.10 level would trigger another round of selling to test $1.0 on an immediate basis.

 

 

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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