February 5, 2023

Ethereum Reader

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Short Term Bearish Trend for MANA Likely Following EMA Break Away

MANA, Decentraland’s native cryptocurrency token, is down in the last 24 hours. The metaverse token is down 2.13% in the ...<p class="d-none"><a class="btn btn-primary btn-sm understrap-read-more-link" href="https://coinquora.com/short-term-bearish-trend-for-mana-likely-following-ema-break-away/">Read More...</a></p>
  • MANA, Decentraland’s native cryptocurrency token, is down in the last 24 hours.
  • The metaverse token is down 2.13% in the last 24 hours, and is also 14.29% in the last 7 days.
  • MANA has entered into a bearish phase as the 15 EMA has dipped below the 50 EMA to form a Death Cross.

MANA, Decentraland’s native cryptocurrency token, is down in the last 24 hours according to CoinMarketCap.

The metaverse token is down 2.13% in the last 24 hours, and is also 14.29% in the last 7 days. The price of MANA now stands at $1.78. In addition, MANA is currently ranked 38th in terms of market cap with its total market cap summing up to $3,285,418,897.

When looking at the strength of MANA’s price compared to the market leaders Ethereum (ETH) and Bitcoin (BTC), its price has weakened by 2.67% and 3.54% respectively. A single MANA is currently worth 0.000045 BTC and 0.0006083 ETH.

The daily trading volume of MANA has also increased by double digits (17+%) in the last 24 hours, taking the daily trading volume to $237,842,175.

Short term bearish trend here to stay for MANA (Source: TradingView)

When looking at the snapshot of the daily chart for MANA/USD, we have entered into a bearish phase as the 15 EMA has dipped below the 50 EMA to form the classical bearish indicator, a Death Cross.

A shift in trend has taken place on MANA’s daily chart as previous Death Cross occurrences were usually accompanied by a degree of uncertainty as there was no clear break away between the two exponential moving averages.

However, it seems that the 15 EMA is beginning to break away from the 50 EMA, confirming that we are entering into a short-term bearish trend. What’s more, the RSI 14 shows that MANA is heavily oversold. Should its oversold status continue, we could see the price of the coin dip even further.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

Source: coinquora.com