Disclaimer: The findings of the following analysis are the only opinions of the writer and should not be considered investment advice
Amazon India tweeted a teaser about a partnership with Decentraland a few days ago that may also involve phone maker OnePlus, though the tweet didn’t provide further details. On the charts, MANA had a bullish tinge on the daily time frame. There was a critical zone of resistance in the north that the bulls would have to plow through, but is there enough demand to power such a move?
In early and mid-January, the entire crypto market bled as wave after wave of fear hit the market. MANA was no different as the price plunged to the low of $1.7. However, during the rally from late January to early February, MANA bulls managed to break through the previously bearish market structure. The $2-$2.1 area acted as a bullish order block from which the price saw a boost towards the $3.54 level.
This move was used to plot a series of Fibonacci retracement levels (yellow), and it can be seen that the price has already hit the 61.8% and 70.2% retracement levels.
At the time of writing, the price moved up again after some demand at the $2.4 level. The $2.85-$2.95 area would be one place bulls would try to support.
The RSI on the daily chart was above the neutral 50 line and climbed to show that the general trend was bullish. In addition, the price made a higher low in recent days while the RSI hit a lower low. This hidden bullish divergence marked a continuation of the uptrend.
The Awesome Oscillator was also above the zero line but not yet with great power. The OBV has not shown a definitive trend in the past three months. A level marked on the OBV represented the previous highs, and a move above that would signal strong buying pressure.
The indicators showed that further upside potential was possible, and the technical outlook on the price charts pointed to a possible move towards $3.4 for MANA. For that to happen, the $2.85 area must be breached and retested if there is demand. Such a retest could provide buying opportunities.
This post MANA: Despite its bullish structure, will the resistance be a hard nut to crack?
was published first on https://ambcrypto.com/mana-will-the-resistance-be-a-tough-nut-to-crack-despite-its-bullish-structure/