Popular crypto currency Decentraland (MANA) revealed the transition from an overbought position to a short-term correction on the charts. 20 MA and 50 MA, with a POC of 38.2% fibo MEANINGthey were indicators of a scenario of a rapid recovery of .
MEANING its price has managed to exceed $ 4 over the past 24 hours with an increase of more than 9%. MANA has been able to generate over 60% gains over the past 30 days while continuing to build consistent trading volume following a wedge break. according to the 4-hour chart indicators MEANING, Lined up for a fix after trading on the extremes of the Bollinger Bands.
On November 13 MEANING, had recorded a correction of close to 30% after watching similar movements. While the price found support at the junction of the 50 MA, the current trend in the RSI and MACD also presented near-term threats. The MACD was exposed to a potential double peak formation while the RSI was trading in the overbought zone.
Experts’ expectations are that MANA will decelerate to a defensive zone of 38.2% fibo, down from 18% to 20%. This zone was set at 20 MA, 50 MA, and $3.26 by the Visible Range POC. Ideally this merger would ease the selling pressure while MEANINGit will provide support for starting the next step. In addition, another support area accounts for the 61.8% fibo level and may prevent a deeper sale.
Results and Expectations
After a general assessment MEANING, Looking for a turning point and a support point from the overbought trend in the RSI and Bollinger Bands. While the MACD indicator also confirms the view MEANINGit can be expected that the will move downward in the coming sessions and find support at 38.2% fibo levels. The mentioned region can serve as the ideal region for investors to build the next rally.