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Cryptoknowmics 2022-02-26 08:10:48

MANA Technical Analysis: Buyers Struggle To Recreate Bullish Cycle

MANA coin price shows a bullish reversal from $2.45 and creates a symmetrical triangle pattern as the rally approaches the long-coming resistance trendline. The MANA coin price shows lower price rejection from the $2.5 mark, resulting in a support trendline and a symmetrical triangle pattern. However, the bull cycle struggles to outshine the sellers at $2.85, which questions the possibility of a bullish rally approaching the resistance trendline? Key technical points: MANA price action creates a morning star pattern The Stochastic RSI shows a bullish crossover in the daily chart The 24-hour trading volume in the MANA token is $1.02 Billion, indicating a 30% fall. Past Performance of MANA With the recent rejection from the long-coming resistance trendline, the MANA coin price retraces 25% to the $2.5 mark. However, the bulls resurface to hold the $2.5 level and bring a short reversal. This generates a weak support trendline that completes a symmetrical triangle pattern in the daily chart. Source-Tradingview MANA Technical Analysis The MANA coin price shows a bullish reversal within a triangle pattern but struggles to overcome the $2.85 barrier. Hence, a selling opportunity with the breakout of support trendline is possible. The MANA price shows a higher price rejection from the 50-day EMA and falls below the 100-day EMA. Hence, a retracement to the 200-day EMA is possible, which will break below the support trendline. After the...

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MANA Technical Analysis: Buyers Struggle To Recreate Bullish Cycle

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