MANA token appears to be eager to reach a higher level on its price chart. The token recovered impressively from the retracement phase, and it also managed to break out of the Cup and Handle pattern today. Is now the time to invest in MANA?
Technical highlights include:
- The MANA token price is well supported by the 20-day EMA.
- The daily RSI chart still shows a significant bearish divergence for this token.
- The MANA token’s intraday trading volume is $6.79 billion, representing a 64.5 percent increase.
The MANA token price entered a retracement phase after reaching $4.95. This minor pullback took the token to the 0.618 Fibonacci retracement level, and after gaining sufficient support from this level, the price bounced back, indicating that the bull rally would continue.
The MANA token gave the highest daily-candle closing around the $3.6 level in its previous rally, indicating this area as a possible resistance level. As of today, the token price has broken out of this range, providing crypto traders with yet another long opportunity.
This token’s Relative Strength Index(75) value indicates a bullish sentiment. However, the RSI shows a clear bearish divergence, casting doubt on this rally.
MANA/USD 4-hour Time Frame Chart
The token formed a Cup and Handle pattern on the 4-hour time frame chart. The neckline of the pattern was at $3.68, and today’s price provided a decisive breakout from this resistance.
The price of the token is currently retracing back to retest this neckline level. If the price indicates sufficient support near this level, the crypto trader can take advantage of an excellent long entry opportunity, which could provide a target of $5 in the near future.
The nearest resistance for this MANA price, according to traditional pivot levels, is at $4.6, followed by $5.5. In addition, the support levels are $3.93 and $3.93, respectively.