The current price action of Decentralized (MANA) indicates that market optimism is rising as the digital currency regains its bullish momentum, with the price now targeting the key resistance level of $0.3713. This recent surge in MANA price came after a price rejection at $0.3099, marked by the formation of a hammer candlestick pattern.
MANA has shown renewed strength, attracting investors and traders who are eagerly awaiting an opportunity to capitalize on the potential upward movement, especially as it approaches the critical resistance level of $0.3713.
As MANA targets the $0.3713 price level, this article aims to explore the current bullish sentiment around the token, including technical and market indicators. Tendencies. It will also assess potential resistance and support levels that the crypto asset may face, offering insights into the overall market outlook.
At the time of writing, MANA’s price is trading around $0.3472, up 5.41%, with a market cap of over $662 million and a trading volume of over $33 million. The last 24 hours have seen a 5.51% increase in MANA’s market cap, while its trading volume has dropped by 16.99%.
Technical Analysis: Current Market Sentiment and Trends
On the 4-hour chart, MANA showed significant bullish momentum as the price broke above the $0.3483 level and is now heading towards the key resistance level of $0.3713. Furthermore, the MANA price successfully crossed above the 100-day simple moving average (SMA), signaling a potential uptrend and increasing market confidence.
The Relative Strength Index (RSI) on the 4-hour chart has successfully crossed the 50% level and is now moving towards the 70% level, which is considered in the overbought range. This increasing bullish momentum indicates that buying pressure is strengthening.
On the 1 day chart though MANNA is still trading below the 100-day SMA, the price printed a hammer candlestick pattern followed by a bullish engulfing candle, which suggests a potential reversal from a downtrend to an uptrend.
![MANA spikes as market optimism returns, next stop $0.3713 level 1 MANNA](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-27-at-8.16.18-AM-1.jpeg)
The 1-day RSI indicators also suggest that the digital asset may continue its rise towards the $0.3713 resistance level as the RSI line is trending above 50%.
Potential scenarios for MANA
MANA is currently bullishly targeting the key resistance level of $0.3713. A successful break above this resistance could signal further earningspotentially pushing the asset towards the next resistance level at $0.3927 and beyond.
If the MANA price gets rejected at $0.3713 and fails to break above the level, it could result in a pullback or consolidation. Should the crypto asset pull back and break above the support level of $0.3103 could signal the potential for further downward movement, possibly targeting $0.2809 and other support ranges.
Featured image from LinkedIn, chart from Tradingview.com