MANA (Decentraland): Approaching Support
Trade setup: Price is in a Downtrend. It had a failed breakout from Falling Wedge pattern but price did make a Higher High (above prior swing high), which is also a positive sign (see chart). Now we'll wait for price to pull back and watch if it makes a Higher Low (above prior downswing low of $0.27). Series of Higher Highs and Higher Lows are indicative of an Uptrend.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Down and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.27. Nearest Resistance Zone is $0.32, then $0.40.
Pattern: Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken. (concept known as polarity). Once price breaks below support, it can move lower to the next support level. Learn to trade key levels in Lesson 7.
Trend: Short-term trend is Strong Down, Medium-term trend is Down and Long-term trend is Strong Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $0.27. Nearest Resistance Zone is $0.32, then $0.40.
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