The shared support of $2.42 and the 200-day SMA prevented the extending loss in Decentraland (MANA) price. On February 24th, the 15% long-tail rejection on this support indicates intense demand pressure. The following rally struggles at the immediate resistance of $2.8, suggesting a downtrend continuation.
Key technical points:
The MANA chart shows a shooting star candle at $2.8 resistance
The 24-hour trading volume in the Decentraland is $688.1 Million, indicating a 47.6% loss.
Source-Tradingview
The MANA/USD technical chart showed a double top pattern in the daily time frame chart. On February 20th, the sellers gave a decisive breakout from the $0.28 neckline, extending the ongoing selling.
On the following day, the price retested the breached support, showing higher price rejection on the daily candle. This indicates the support has switched to resistance, and sellers sink the altcoin lower. However, things didn’t go as planned, as the buyers immediately rejected the down rall
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