๐ Daily TA: Decentraland (MANA/USD) | 29-10-2021
Hodl, dear members of LeoFinance!
Today, I would like to comment on the price chart of Decentraland.
In the daily chart (1D), MANA/USD has been recently consolidating at the 30-day Moving Average (MA 30) and the 90-day Moving average (MA 90): But, as can be seen from the chart, today, the price has received solid support from the trend line and has skyrocketed! So, the uptrend continues. Moreover, the 360-day Moving Average (MA 360) is just below the trend line. This is definitely additional solid support for the price of Decentraland.
Interestingly, if we look at the daily chart (1D) from another angle, we can spot a Symmetrical Triangle (common trend continuation pattern): Earlier today a breakout took place and the price has gone through the upper line of the triangle (resistance line). This is an additional bullish signal confirming the potential uptrend renewal. So, if a pullback takes place, the price approaches the breakout point, and after that rebounds, I will enter the market.
To be continued ...
As of the time of writing, one MANA costs $1,255 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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