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Oversold RSI Hints A Bounce Back Towards $2.50

MANA price shows a range-bound movement after falling over the last week that pushes it to the recent support level. Now, a bounce-back is expected as the same levels were last seen three months back.

  • MANA price trades lower but hovers near the crucial support zone.
  • A daily candlestick above $2.20 will produce more gains.
  • Further, an acceptance above $2.30 paves the wave for $3.0.

MANA price set for a reversal

Source: Trading view

On the daily chart, the MANA price retraced toward $2.04, the level last seen in January. This makes reliable support from where the price looks for an immediate bounce back. The formation of two consecutive ‘Doji’ candlesticks makes the bulls hopeful for a quick recovery in the price. The first upside hurdle is found at the horizontal resistance level of $2.35

An extended buying could meet the next upside target near 200-day EMA (Exponential Moving Average) at $2.52. Furthermore, an acceptance above the mentioned level would clear the way to recapture the psychological $3.0 level.

While things look positive for the MANA price. However, a shift in the bullish sentiment could turn on the selling mode in the token. In that scenario, a break below 2.0 would trigger a fresh round of selling to the lows last seen in late January at $1.80.

As of writing, MANA/USD reads at $2.17, up 0.74% for the day.

Technical indicators:

MACD: The moving average convergence divergence hovers below the midline with receding bearish sentiment.

RSI: The daily relative strength index oscillates near the oversold zone. Any uptick in the indicator would support the bullish outlook on the price.

Trading volume: The 24-hour trading volume of the cryptocurrency holds at $227,178,548 with a loss of 29%.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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