By Nathan Ferguson
- MANA price displayed a massive trend reversal pattern on 24 February, suggesting a 55% upswing.
- While the altcoin remains positive, MANA experiences inadequate buying momentum.
- A daily candle close beneath $2.20 will annul the optimistic triple bottom pattern.
Decentraland price printed a triple bottom pattern between 2021 November and 24 February, suggesting massive reversals. Though optimistic, the upswing could not catch traction as the altcoin consolidated within a support area.
MANA Price Delays Upswing
MANA’s price touched the support floor at $2.20 on 10 November 2021 and plunged beneath it on 22 January. Meanwhile, Decentraland saw a 108% hike from the recent swing low but retraced to tag the $2.20 floor, printing a triple bottom formation.
The technical setup predicts trend reversals for the metaverse token. Nevertheless, a rebound after the final hit failed to gain momentum, and the coin consolidated beyond the support of $2.54. Buying pressure resurgence might propel MANA’s price to test the closest resistance barrier near $3.43, following a 35% surge.
Market makers can push MANA towards levels beyond $3.43 to gather sell-stop liquidity above the area and form a local high.
New users joining MANA blockchain might clarify the inadequate momentum and consolidations by Decentraland price. Meanwhile, the metaverse tokens had new participants count remaining nearly unchanged – at 1,000. Such narratives explain MANA’s consolidation after the latest hit of $2.20.
The plunge in large transfers worth over $100,000 to 99 from 104 within the past month adds credence to the faded MANA demand. Analysts use this index to gauge investment interest by whales and might time local tops or massive surges.
However, the slight drop shows interest by such investors. But not enough to trigger uptrends. Decentraland will likely continue sideways movements until these metrics shift upward.
Meanwhile, MANA price breaking down the nearest support at $2.54 will show buying momentum weakness. Nevertheless, a daily candle close beneath $2.20 will print a lower low, canceling the triple bottom pattern. Such scenarios will see MANA consolidate here before instituting a directional bias.