MANA is trading in an uptrend, like many other Altcoins. The cryptocurrency MANA just went up +80% in a single day by breaking a bullish pennant pattern with strong buying volume on multiple exchanges and surges over +135% in a week.
What is Decentraland?
Decentraland MANA defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
MANA Price Analysis
At the time of writing, MANA is ranked the 60th cryptocurrency globally and the current price is A$1.72. Let’s take a look at the chart below for price analysis:
After looking at the above 1-Day candle chart, we can clearly see that MANA was trading inside the bullish pennant pattern on the MANA/USDT pair. The first resistance was on the A$1.23 price level, which MANA broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$1.98. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price breakout, MANA may continue to increase in the uptrend if traders keep buying with high volume.
“A bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move. They’re formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines.”
What Do the Technical Indicators Say?
The MANA TradingView indicators (on the 1-day) mainly indicate MANA as a Strong Buy, except the Oscillators which indicate MANA as a Buy.
So Why Did MANA Breakout?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying MANA for the coming Altcoins rally. Recent news was also announced regarding HashKey Virtual Headquarter Launch.
Where to Buy or Trade MANA?
MANA has the highest liquidity on Binance Exchange so that would help for trading MANA/BTC or MANA/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
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