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?

MANA-1D

Source: MANA/USDT on TradingView

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.

rode

Source: MANA/USDT on TradingView

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.

Conclusion

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/

Author

Write A Comment