MANA’s price is still above $0.8, suggesting that it could rally to $0.86 or even peak at 6.8%.
- MANA price shown on a 4 hour chart. This shows the formation a rounding top pattern
- August sees an enormous sell-off in the MANA/USDT pairing
- A correction is triggered by MANA purchasing activity
August was the month with the greatest sell-off in MANA. The MANA/USDT exchange rate fell 32.5% from June through July, and key support was found at $0.75.
With the formation of an Engulfing Candle, which suggests a bullish and aggressive buying behavior at this level on August 29, crypto managed to rebound from the support area. After the correction, all gains from June through July had been completely lost.
CoinMarketCap says that MANA is currently trading at 0.8025 and up by 0.94%, as of press-time.
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MANA has been trying to keep the support at $0.75 for the past few days. On September 4, MANA was able break the $0.8 resistance, which suggests that buyers were working towards recovery.
MANA Price is trying to retest. This provides an opportunity for interest traders and investors to jump in. However, the lower price rejection may cause a slight weakness that could pull the coin in the other direction.
What Does MANA Mean for the $0.86 mark?
This pattern may be triggered by bullish momentum. It has the potential to rise above the $0.86 mark and lead to a quicker recovery.
However, MANA buyers who fail to stay still in the $0.8 area may close a candle below this key support level. This could hint at fake breakouts that trigger a pullback at $0.75.
The crypto RSI shows a bullish divergence in its range. A spike above the middleline would indicate an amplified bullish trend.
MANA market capital at $1.42 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from Coinpedia. Chart source: TradingView.com