Decentraland (MANA) Technical Analysis: Key Levels and Prospects

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The local cryptocurrency of the Decentraland platform MEANING, which managed to attract attention with a monthly increase of 370%. MANA continues its attempts for higher levels after a descending wedge break. Although the break-even target has been achieved, the strong volume of purchases has led to a RSIbefore triggering the correction, it can push the popular altcoin to the 68.6% fibo level.

MANA Stands Out For Its Performance

Popular crypto currencies MEANING, it managed to touch $3.79, an increase of over 20% as of today. MANA continued to advance from its goal of breaking through the 61.8% fibo level. MEANING it became the fourth most traded cryptocurrency with a volume exceeding about $ 8 billion in the last 24 hours.

If the popular crypto currency manages to add these figures above the 78.6% fibo level, its next target will be $ 5, the highest level of October 30. In addition, it is worth noting that the 4-hour RSI is at overbought levels and a card may be put forward in the short term.

Considerations

On the other hand, the sellers’ first line of defense in the event of a countermeasure was at the 61.8% fibo level. A more reliable support lies in the 50% fibo level, which is crossed by the short- and medium-term moving average lines. MEANINGthe possible upward break of was supported by bullish signals on most indicators. DMI shows the transition to an upward trend.

The ADX indicator confirms a strong directional trend in the sunday. The overbought position of the RSI may create some selling pressure as investors profit from the rally. In the event that a correction occurs MEANINGthe search for a break at the level of 50% fibo, supported at the 20-SMA and 50-SMA levels, should be considered quite normal.

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