[Technical Analysis] MANA/USD Market June 24, 2023

wahyunahrul (70)Private First Classin Account Booster 👍 • last year

Hey Guys..!!

Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, Happy reading!!

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Decentraland (MANA) Analysis

Today, June 24, 2023, I will try to technically analyze the price movement of MANA.

SOURCE: TradingView

We can see in the chart above that MANA is in a very deep bearish phase, we can see this by the continuous movement of the MANA price towards the bottom and only occasional upward movements.

SOURCE: TradingView

The chart above shows that the current bearish trend in the MANA/USD market will continue for the next few days or maybe months because the MANA price has broken through the Support Level at $1.7792.

SOURCE: TradingView

As a confirmation, I used the EMA indicator with a length of 100 and 200. And we can see that there was a cross between the two lines that just happened in the last few days.

SOURCE: TradingView

Then the ADX indicator also shows a cross between the DI+ and DI- lines, indicating a signal to change the direction of the trend from bullish to bearish.

SOURCE: TradingView

And we can see on the graph above that the RSI indicator also confirmed the Bearish Trend by showing us that the RSI Line is moving on the Lower Band from RSI Indicator.

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Disclaimer:

This analysis is not an invitation to buy or sell any asset, it is just a short analysis intended for learning. Remember! don't use the analysis I did as a benchmark in investing or trading, always do your analysis and research first before making any decisions.

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#cryptocurrency #decentraland #mana #technical-analysis #chart