As it continues the gains from the previous week, the MANA price is confident in making further increases. Acceptance over the downward trendline would create a road plan for the upward momentum to continue.
The price of mana is steadily rising, with considerable gains. More increases around $3.40 are expected if the declining trend line is broken above amidst buying demand. The 50-day EMA at $2.62 represents the imminent fall.
MANA price is Expected to Rise Higher
There is a resistance on the daily chart at the falling trendline from the 9th February surges of $3.55 for the MANA price to rise above that level. It’s still over two critical MAs, the 50-day and 200-day EMAs, at 2.61 and 2.42, but the price is still well above.
Furthermore, the present price action was backed by the trading volume. A breach of the bearish sloping line would allow the asset to gain even more ground. With continued buying demand, a daily closure above the negative trendline would be targeting the horizontal $3.20 potential barrier.
Market players would then strive for the 16th February highs of approximately $3.40. A drop below the round’s low, on the other hand, would falsify the bullish price assumption. The 50-day EMA is currently at $2.61, the initial bearish target.
The $2.40 horizontal support line will be further exploited if the downward pressure resurfaces. With a daily trade volume of $487,767,731, CoinMarketCap reports that MANA/USD is now at $2.76, an increase of 0.99 percent over the previous 24 hours.
Flashback: MANA Price Prediction 22nd March
Nevertheless, the surge could not maintain the additional buying demand as meta tokens experienced a market-wide pullback. The Decentraland token is currently displaying a symmetrical triangle trend, which has imprisoned bullish movement beneath the negative impact of the long-coming opposition trendline. However, when it comes to price, it appears to be crawling towards the support trendline, which suggests an uptrend.
As soon as the buyers take back control of the market, traders expect a 25 percent rise in price to break through the $3 threshold. The bearish breakout of the symmetrical triangle will inevitably occur if the buyers do not step up their efforts. The rebound rally might reach $2, resulting in an 11 percent drop in price. The price of MANA is currently trading at $2.41, down 0.44 percent on the day.