MANA: Will the resistance be a tough nut to crack despite its bullish structure
Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation
Amazon India tweeted a teaser a few partnership with Decentraland a few days in the past, which could additionally contain cellphone maker OnePlus, though the tweet was mum on any additional particulars. On the charts, MANA had a bullish tinge to it on the each day timeframe. There was a vital zone of resistance to the north that the bulls must plow through- nonetheless, is there enough demand to drive such a transfer?
In early and mid-January, the whole crypto market was bleeding as wave after wave of worry hit the market. MANA was no totally different as its value dropped to the $1.7 lows. Nonetheless, within the late January to early February rally, MANA bulls managed to interrupt the beforehand bearish market construction. The $2-$2.1 space acted as a bullish order block, from the place the value noticed an impulse transfer to the $3.54 stage.
This transfer was used to plot a set of Fibonacci retracement ranges (yellow), and it may be seen that the value has already visited the 61.8% and 70.2% retracement ranges.
On the time of writing, the value was shifting greater as soon as extra after seeing some demand on the $2.4 stage. The $2.85-$2.95 space could be a spot that bulls would search to flip to help.
The RSI on the each day chart was above the impartial 50 line and climbing to point out that the general development was bullish. Furthermore, in the previous few days, the value made a better low whereas the RSI made a decrease low. This hidden bullish divergence signified a continuation of the uptrend.
The Superior Oscillator was additionally above the zero line however not with nice energy but. The OBV has not had a definitive development over the previous three months. A stage marked on the OBV represented the earlier highs, and a transfer above it could signify sturdy shopping for stress.
The symptoms confirmed that additional upside was doable, and the technical outlook on the value charts pointed towards a doable transfer to $3.4 for MANA. To ensure that that to occur, the $2.85 space must be damaged and retested as demand. Such a retest may provide shopping for alternatives.