MANA Price Analysis: MANA Token Grows In A Parallel Channel

  • MANA Token price grows within a rising channel promising a growth above the $1 mark.
  • The bullish crossover of the 100 and 200-day EMA increases underlying bullish sentiments.
  • The pair of MANA/BTC trades at 0.00001865 BTC with an intraday fall of 2.08%.
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MANA Token price moves higher in a rising parallel channel as the buying pressure increases. However, the supply near the resistance trendline pushes the price lower back to the support trendline, which may continue the pattern’s resonance.

Investors might observe a bullish rally of around 20% to 30% if the price manages to sustain the bullish momentum. However, in a bearish breakthrough, a downfall of the same negative percentage could be expected.

The MANA Token price is currently valued at $0.8823, with a -5.16% gain in the market cap within the past 24 hours, projecting a declining growth rate as the price reverses within the parallel channel. 

The intraday trading volume of MANA has increased by more than 45% in the past 24 hours, indicating a fall in MANA buyers.

Falling Prices Threaten MANA Growth

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The solid supply zone is pushing the price down, resulting in the MANA token price fall from the $0.88 mark. However, the 20-period EMA may hit soon, acting as an entry point for bullish investors.

According to the price action analysis, the coin may see demand at the $4.15 and $3.15 support levels. However, in a bullish growth scenario, the price could encounter resistance at $5.4 or $6.

The significant EMAs on the 4-hour chart all bullish project sentiments as they move in a bullish direction. These EMAs may provide support in case of a bearish downfall.

As the RSI slope drops and trails below the overbought area, the relative strength indicator (Bullish) projects a slight fall in the underlying bullishness.

As the price falls, the ADX indicator indicates a rising trend.

Conclusion – MANA Token Price may soon rise higher than the $1 as the price grows in the rising channel. Investors may find this retest as an excellent entry point due to the lucrative risk to reward ratio.

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