MANA price has been on a downward trend since February 9. However, today’s trading session has seen the cryptocurrency’s price rise by more than 4 percent. The price increase also has high volatility behind it and may indicate that the bearish trend is reversing.
The MANA platform has also recently been making moves that are likely to solidify its presence in the virtual world market. The moves include the recent announcement by Sketchers that it was building a virtual store on Decentraland’s Fashion Street. The announcement was an indication that more mainstream businesses are setting up shops on the platform. It also shows the platform is built for the future.
Since February 9, MANA price has lost about 33 percent of its value and has been trading in a bearish trend for most of that time. However, today’s trading session has seen the cryptocurrency start rising. It also marks the second day of the last three that the cryptocurrency has gained in the markets.
Looking at the MANA daily chart below, the prices have been trading within a descending channel for weeks. However, the prices have recently broken out of the descending channel, after hitting the long-term support level at $2.2 and failing to break to the downside. Today, MANA is trading at around $2.36 and is showing signs of strong volatility that could mean the prices are reversing. Based on this, I expect the cryptocurrency to continue its upward move, and there is a significant likelihood that the prices will rise to the $3.54 resistance level. This will mark a 48 percent increase from the current price.
However, since the prices are still near the support level, if they reverse again and hit the support level, then my trade analysis will be invalidated. It will also mean that the current bearish move is not over yet. If that happens, there is a high likelihood that the prices will drop further and break the support level.
This post was last modified on Mar 18, 2022, 12:10 GMT 12:10