MANA Technical Analysis: Trendline Breakout Rally Soon To Reach $1.50

The increasing demand for the altcoins with the market recovery increases the MANA market price, soon to reach the psychological mark of $1. Key Technical Points: The MANA prices jumped by 4.38% in the last 24 hours. As a result, the bull cycle breaks above the descending triangle pattern in the daily chart. The 24-hour trading volume of Decentraland is $398 Million, indicating a rise of 143%. Past Performance of MANA MANA price chart shows the market value surpassing the resistance trendline and the 50-day SMA displaying a breakout entry opportunity. The trendline had kept the prices under a downtrend for months accounting for a dip to $0.76. Moreover, the recovering market conditions increase the demand for altcoins, evidenced by the increased trading volumes. Source – Tradingview MANA Technical Analysis The trendline breakout ends the two-month-long correction phase in MANA prices. This increases the likelihood of a price jump to the 100-day SMA at $1.20. Hence, traders can expect the rally to exceed the psychological mark of $1. The increased buying pressure influences the MACD and signal lines to regain the positive alignment and propels the RSI slope into the nearly overbought zone. Hence, the momentum indicators forecast a potential uptrend continuation. Additionally, the market price sustains above the 50-day SMA (red) in the daily chart teasing an upside rally from the resistance trendline. In a nutshell, MANA technic...