MANA Technical Analysis: Reversal Brings The Best Retest Entry Chance

The MANA coin price shows a sharp reversal from the $3.5 mark due to the sudden increase in selling pressure. Will bears overtake the $3 mark? Decentraland is an open-source 3D VR platform that is powered by the Ethereum blockchain. Users can build virtual structures, such as casinos, art galleries, theme parks, and concert halls. Moreover, they can charge other users to visit them. MANA is an Ethereum-based ERC-20 token that powers the Decentraland virtual reality system. It is used to purchase virtual land plots and real-world products and services. Taking social analysis on Twitter into account, the number of positive tweets is more than 3,000 with the same number of neutral tweets. The number of negative tweets remains negligible with less than 130 in total. Let us move ahead to read about Decentraland technical analysis. Past Performance of MANA The MANA coin price shows a high momentum uptrend with a growth of 40% in the last week. The rally breaks above the crucial horizontal level of $3 which has been a solid psychological barrier, which was forecasted in our previous article. However, the uptrend fails to sustain above the $3.5 mark and retraces to retest $3. MANA/USD Daily Chart MANA Technical Analysis The MANA coin price faces a sharp rejection above the $3.5 mark resulting in a huge bearish piercing candle and a retracement to the support trendline. However, the lower price rejection near the $3 mark increases the ...