MANA Technical Analysis: Sellers Taking Control Warns $3 Fallout

The MANA coin price remains trapped within a symmetrical triangle pattern and tests the 50-day EMA. Will the bears overtake the trend control? The MANA coin price showed a downfall of 3.57% yesterday to approach the $3 mark at the support trendline. The 50-day EMA coincides with the $3 mark resulting in the formation of a confluence support area. However, the increasing selling pressure observed over the last few days threatens the possibility of a fallout below the support zone. Key technical points: MANA prices rests at the $3 mark. The trades close to the 50-day EMA. The 24-hour trading volume in the Decentraland token is $774 Million, indicating a 40% fall. Past Performance of MANA The MANA coin price increased by 72% from $2 to $3.5 between January 25th and February 8th. However, the rally failed to continue due to the high selling pressure and retraced back to $2.85. The coin price resonance results in a symmetrical triangle. In the past 72 hours, the altcoin price resonated from $3.36 to the $3 mark accounting for a 12% fall and bringing the price to the support trendline. Hence, the surge in bearish power indicates the possibility of a downfall. Currently, the market price of the MANA token is $3.01, with a 4.23% downfall in the last 24 hours. Moreover, the MANA/BTC pair fell by 3.23% in the past 24 hours. Source-Tradingview MANA Technical Analysis The breakout of $3 will increase the overall bearish sentiment that war...