MANA shows signs of a pullback, where can bulls look to enter next?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• The decrease timeframe market construction of MANA was bullish.
• The $0.75 stage acted as support- however will it’s damaged quickly in a pullback?

Decentraland has carried out strongly out there over the previous month. Its token MANA continued to have a bullish bias on the worth charts. Nonetheless, there was proof on increased timeframe charts that the upward momentum has begun to wane.

How a lot are 1, 10, 100 MANA value

A transfer again under $0.75 may flip the bias. Bitcoin additionally hovered close to the $23.4k space and confronted stiff opposition close to $24.2k, and beneath the $25k mark.

The rally of the previous month may proceed however a transfer above $25k would ease the fears of overextension from the bulls.

The each day timeframe developed a divergence and a pullback could possibly be imminent

Supply: MANA/USDT on TradingView

The $0.75 stage has acted as resistance since mid-January. Beforehand in early September, this space had served as assist earlier than being flipped to resistance later that month. Due to this fact, the developments of the previous few days have been bullish, as $0.75 has been flipped to assist as soon as extra.

Practical or not, right here’s MANA’s market cap in BTC’s phrases

On decrease timeframes like H1 and H4, it was obvious that $0.81 was an space of curiosity for the bears. A session shut above it may impress the consumers.

Nonetheless, as already talked about, Bitcoin confronted intense resistance within the $24.5k-$25k space. Its transfer above $23k wasn’t swift, which sparked doubts concerning the demand behind the asset.

Monday’s excessive and low may set up a spread for MANA as nicely and is one to be careful for. The RSI was at 51 to indicate impartial momentum. The OBV crept upward over the previous few days, which advised that there was a requirement for the token.

Open Curiosity stays flat- contributors are sidelined and sentiment stays impartial

Supply: Coinalyze

The spot CVD has been in a downtrend over the previous three days, which clashed with the findings from the OBV. This indicated that sellers had the higher hand.

Though MANA flipped $0.75 to assist, shopping for stress has not stepped in. Whether or not this modifications over the approaching week stays to be seen. A breakout for Bitcoin above $25k may usher within the subsequent leg upward for MANA.

The value and the OI have been flat in current days. Since February 1, the worth has confronted resistance at $0.81. In the meantime, the OI has made a decrease excessive, which advised discouraged lengthy positions and a scarcity of participation. A surge in OI may happen alongside a breakout previous $0.81.