Title : MANA Seen Rising 11% As Buyers Make A Recovery Attempt
Sep 6, 2022 11:05 AM ET
The month of August saw the biggest sell-off in MANA, with MANA/USDT down 32.5% from June to July, with key support located at $0.75.
On August 29, the cryptocurrency was able to bounce from the support zone with the formation of an engulfing candle, hinting at bullish or aggressive buying activity at this level. The gains generated from June to July were completely undone after the recent correction.
According to CoinMarketCap, MANA is trading at 0.8025, up 0.94% at press time. Decentraland: a blockchain-based metaverse with earnings.
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In recent days, MANA has struggled to hold the support zone, which is at $0.75. As a result, a bull run was observed on September 4 when it was able to break above the $0.8 resistance, which means that buyers may have been working on the recovery.
On the other hand, if MANA buyers do not stay put in the $0.8 area, a candlestick closing below the key support level may hint at a false breakout, triggering a price pullback into $0.75.
The cryptocurrency's RSI is showing a bullish divergence within its range, with a spike above the midline indicating amplification of the bullish move.