MANA Technical Analysis – September 2021
Monthly Analysis
Over the last 30 days, MANA increased by more than 45%. This increase was marked with a price of $1.1. Nonetheless, MANA had a breakout downwards and the price decreased by more than 30%. Then, a consolidation followed. The price then had another downward breakout of 30%.
Weekly Analysis
In the last 7 days, MANA decreased by 32%. MANA recently found support at $0.60. This might indicate that the price can have a pullback, but the trend is now bearish for MANA.
Daily Analysis
In the intraday chart, MANA has been decreasing. The price has increased in the last hours, and the candlesticks have broken above the upper trend line. Perhaps MANA could reverse, but the price is still quite bearish.
Key Structures
Support
- $0.60
Resistance
- $0.83
Indicators
Moving Average
Due to the recent price decrease, the 20-day moving average is now above the price. This indicates that the price is bearish for the next few days. Furthermore, this MA line can act as resistance in the coming days.
The 9-day EMA is also above the price due to the recent dip. This hints at a continuation of the downtrend, and MANA could be heading even lower in the short term.
Relative Strength Index
The RSI reached 30, but it did not go below that. While MANA is not oversold, this means the momentum is bearish and that sellers still have the upper hand.
MACD
The MACD line is below the signal line and is now below the baseline. This indicates that the price can keep decreasing even further.
Fear & Greed
Fear and greed indicator of a 4-hour chart suggests that the current fear for MANA traders is fear. This could indicate that the price might decrease even further in the coming days.
Fibonacci
The Fibonacci retracement level of the previous downtrend suggests that the price retraced to 50%. As indicated, MANA reached the 23.6% extension level, and it even went further down.
As for the recent downtrend, the Fibonacci level suggests that the price could retrace to one of the levels. If that occurs, then we might see MANA go close to $0.5.
Price Prediction MANA – September 2021
Based on this technical analysis, MANA could further go down in the coming days. The price recently found support, meaning that the price might attempt to test a projected resistance structure. Nonetheless, the short-term trend is bearish. Mana might go below $0.60 in the coming days.
Latest News for MANA – Affecting Price
Alex Saunders, one of the biggest proponents of Decentraland and the NFT world, is being heavily criticized for failing to launch a community HQ, which was promised to be launched in the Decentralized network. This could aggravate the price of MANA and affect NFTs in general.
*Correction@SBF_Alameda This is 1 of the address in which @AlexSaundersAU
managed to take funds from paying users of his community.Would be nice to know if there is a chance of recovery for these people……..This is now over 8 figures of fraud.https://t.co/4KT6w5rKTY
— DeFi Ted (0xbakes) (@DeFi_Ted) July 22, 2021
Also read: Decentraland Price Prediction 2021 and Beyond – Is MANA a Good Investment?