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Published: September 13, 2024
MANA just recently retested its multi-year lows around the $0.25 mark after charting a bearish flag breakout on its day-to-day chart. The awaited breakdown discovered rebounding premises at the $0.25 level. This permitted MANA to recuperate and recover the $0.269 assistance above the 20 EMA. At press time, MANA was trading at $0.275, up almost 5.8% over the last 24 hours.
Can MANA bulls recover an area above the 50-day EMA?
Source: TradingView, MANA/USDT
The current bullish push followed sellers retested the $0.25 assistance level recently. As an outcome, the altcoin remained above the 20-day EMA and revealed early indications of a near-term healing.
A continual upward trajectory from here might deal with instant resistance near the 50-day EMA at $0.285 and the $0.28 resistance zone. Must the bulls press beyond these levels, a retest of the $0.31 resistance might end up being possible in the coming weeks.
Provided that the wider belief was still in the ‘Fear’ zone, purchasers need to look for substantive signals before going into a long position.
Here, it’s worth keeping in mind that the current healing was more supported by a bullish divergence on the Relative Strength Index (RSI). The RSI bounced from oversold levels and at press time, was hovering around the neutral 50 mark. A dive above this level might validate a more continual bullish predisposition.
The MACD revealed lessening bearish momentum and saw a bullish crossover in between the MACD and Signal line. If these lines close above no, the altcoin might see a prolonged uptrend.
Derivatives information exposed THIS
Source: Coinglass
The long/short ratio stood at 1.0483. The marketplace exposed a small bullish predisposition with more longs than shorts, especially with Binance’s MANA/USDT long/short ratio revealing a reading of 2.63.
On the other hand, the liquidation information indicated shorts being squeezed, with $3.71 K in other words liquidations over the past 1– 12 hours and $5.67 K liquidated in the last 12-24 hours. This information even more supported the current bullish rate action.
MANA’s near-term outlook depends greatly on whether the bulls can keep control above the 20-day EMA and break the $0.2854 resistance. A close above this level would unlock for a retest of the $0.31 resistance zone and strengthen the healing. Traders must likewise see the RSI and MACD carefully for verification of a continual bullish predisposition.
As constantly, watching on Bitcoin’s cost action might supply crucial insights. Specifically as MANA has a strong connection with BTC.
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