By Nathan Ferguson
Decentraland’s fall below the $2 level has restricted MANA inside bearish shackles. The altcoin has been battling to secure a spot beyond the Exponential Moving Average ribbons over the past three months. MANA saw two downward channels during the period while encountering obstacles around 23.6% and 38.2% FIB resistances. Bulls were to ensure a closing beyond the ribbons to bolster chances of challenging the 38.2% mark. While publishing this content, MANA changed upside hands at $0.9495.
MANA Daily Timeframe
The 38.2% FIB resistance halted the previous downward channel breakout around the $1.03 mark. MANA dipped into a downside channel as selling momentum emerged, translating to a $0.78 support retest.
The altcoin failed to dodge its lower volatility within the past month as the POC (Point of Control) stayed within the $0.82 territory. Moreover, the 20 Exponential Moving Average ultimately refrained from looking south. A bullish cross on the Exponential Moving Average ribbons would confirm the short-term recovery chances.
The alternative token might witness reversals from $0.87 in the upcoming trading sessions. A resurgence beyond the 20 Exponential Moving Average might help MANA buyers retest 38.2% around the $1.03 mark. Meanwhile, bullish invalidations might trigger extended losses until the Point of Control territory.
Reasoning
After about three weeks, the RSI (Relative Strength Index) eventually steadied beyond the mid-line. Though it prints a relatively neutral picture, the indicator should record some improvements to affirm a massive buying edge.
The Chaikin Money Flow has confirmed the latest money volumes surge within its northbound tendencies. This outlook increased the possibilities of bulls keeping immediate support. Moreover, the DMI matched these indicators, exhibiting a brief bullish edge. However, the ADX still painted a weak directional bias for MANA.
Final Thought
MANA might witness short-term gains as the indicators exhibited slight bullishness. Such developments will see potential targets as highlighted above. Lastly, MANA boasts a 69% monthly correlation with BTC. So, enthusiasts should watch Bitcoin to ensure profitable bets. The crypto market battled to sustain gains recorded over the past few sessions during this publication. The global cryptocurrency market cap surged 2.21% over the last 24 hours to $1.04 trillion.
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