Since the beginning of 2023, the Decentraland token has exhibited an upward trend. This upswing, supported by the escalating volume of activity, is indicative of a durable rebound for coin holders. At the time of publication, the MANA price was $0.4458, representing a 53.5% increase over the previous five days. Moreover, this U-shaped rebound was accompanied by the construction of a rounding bottom pattern on the daily time frame chart, indicating that coin holders might anticipate further gains.
Key factors:
The $0.428 breakout positions MANA for a 20% price increase.
A bullish crossover between the 20-day and 50-day EMA will entice more buyers to the market.
The 24-hour trading volume of the Decentraland token is $319 Million, a 14% decrease from the previous period.
At market bottoms, the rounded bottom pattern is one of the most frequently observed bullish reversal patterns in technical analysis. The creation of the pattern indicates a trend reversal, as the previous decline reverses into a recovery rally.
During the surge, the price of the coin overcame many resistance levels, providing purchasers with a stronger base from which to continue the upward march. Moreover, as a result of an increase in market sentiment, the MANA price experienced a substantial influx and rose 8% intraday.
Thus, with today’s bullish candle, this cryptocurrency broke decisively over the rounding bottom pattern’s $0.428 neckline barrier. If the daily candle closes above the resistance level stated, the underlying bullish momentum will accelerate.
The post-breakout surge might propel prices 20% higher to reach the $0.534 barrier level.
In contrast, if the price of the currency falls below $0.428 the bullish thesis will be discredited.
Technical indicator
Relative Strength Index: the daily RSI slope continues to rise, indicating that the ongoing rebound rally is not experiencing any weakening.
EMAs: the current price increase has also crossed the 20- and 50-day EMAs, shifting them to an appropriate support level.
MANA coin intraday price levels
Spot price: $0.44
Trend: Bullish
Low Resistance Level – $0.553 and $0.6
Levels of support – $0.428 and $0.382