MANA Technical Analysis: Bearish Trendline Keeps Buyers Under Control

MANA price action shows a fading bull cycle in the falling expanding channel teasing a potential bearish reversal. Will the downfall crack under $1? Key technical points: MANA prices struggle to the descending trendline. The evening star at the resistance trendline teases a reversal. The 24-hour trading volume of Decentraland is $434 Million, indicating a plunge of 30%. Past Performance of MANA As mentioned in our previous article, MANA prices break above the $1 barrier with the start of a bull cycle near the $0.69 mark. However, the prolonged uptrend struggles to surpass the resistance trendline evident by the evening star pattern, accounting for a 12% decline yesterday. Source-Tradingview MANA Technical Analysis The falling trend in trading volume displayed a lack of bullish commitment during the MANA bull cycle. Furthermore, the evening star pattern is a bearish pattern consisting of a bullish candle, a Doji candle, and a red candle marking the start of a reversal. However, the buyers at the psychological mark of $1 take one last stand to avoid another fallout. The Bollinger bands maintain an expanding dwontrend but the lower band goes flat as the bull cycle threatens the resistance trendline breakout. Hence, the chances of an uptrend reaching the upper band as the underlying sentiments shift. The uptrend in RSI values goes flat after approaching the halfway mark from the depths of oversold territory. Moreover, the RSI valu...