After it successfully crossed a critical supply threshold adjacent to $0.9405, Decentraland (MANA), shows an increase in activity.
- Decentraland (MANA), on an upward trend following the breach of critical supply near $0.94055.
- The MANA stock price is bullish, with the daily candlestick at $1.0605 suggesting further gains.
- MANA prices plunged again on Saturday.
A current analysis of the price shows that there has been a consolidation. This means that a few candles would have to close higher than their current levels in order for it to accelerate further.
MANA Trades At $1.07
CoinMarketCap reports that MANA/USD traded at $1.07, up 2.43% since press time. The 24 hour trading volume has seen a slight improvement compared with a few hours earlier. It currently stands at $148165,816, or 13.47% less.
MANA was 28% lower just hours ago, so that is definitely an improvement. An indication of a negative trend would be a price drop and decreases in trading volume. But, so far it is definitely showing improvement.
According to the daily chart, MANA prices certainly look bullish. They have established both higher highs than they have lows. The MANA bulls seem to be trying to move the resistance into support. MANA price broke the critical 50-day EMA at $0.947.
MANA prices can rise due to buying pressure
It’s wise to note that Decentraland has been trading below the EMA since April. This chart shows the Doji candlestick pattern, which indicates indecisiveness and apprehension by investors. A reenergized buying force can certainly cause prices to rise.
More so, a daily candlestick spotted well above the session’s high leaves a flicker of hope for the bulls. The bulls are sure to shoot for $1.20 next.
After a price consolidation, volume generally falls. The volume could also rise to near the highest levels as shown in the charts. Volume expansion is evident after the downtrend, when the session’s third high occurs. In fact, the strength of the pattern will increase with the breaking of the support.
MANA’s trading volumes are lower than the average over the last few weeks. Plus, the price is trading in a slightly uptrend. MANA may slip into a downward trend if the price of MANA falls below $1.05 during the next sessions.
MANA market capital at $1.98 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Medium Chart, TradingView.com