Hello. According to my technical analysis, Decentraland (MANA)looks to be ready for a round 2 bull run. Days of MANA consolidation may be over.
Former resistance(red dashed trendline) has been broken with a breakout candle with decent volume, which is bullish. The 100 EMA former resistance has also been broken.
The 0.618 Fib acted as support, helping price break the red dashed trendline and making the breakout more powerful
A key bullish factor here is in the RSI, where a bullish divergence has shown. Also assists in making the breakout more powerful.
There is one more resistance for the bulls to push through, and that is the 0.5 fib(blue color). In my opinion this fib needs to be broken before we can see a successful bull run.
Thank you for reading! Make sure to leave constructive feedback in the comments section. It would possibly help me improve.
Also, do not blindly follow this post. Do your own analysis first.
Former resistance(red dashed trendline) has been broken with a breakout candle with decent volume, which is bullish. The 100 EMA former resistance has also been broken.
The 0.618 Fib acted as support, helping price break the red dashed trendline and making the breakout more powerful
A key bullish factor here is in the RSI, where a bullish divergence has shown. Also assists in making the breakout more powerful.
There is one more resistance for the bulls to push through, and that is the 0.5 fib(blue color). In my opinion this fib needs to be broken before we can see a successful bull run.
Thank you for reading! Make sure to leave constructive feedback in the comments section. It would possibly help me improve.
Also, do not blindly follow this post. Do your own analysis first.
Comment:
MANA broke the 0.5 Fib. I can safely say this is a strong breakout
