Decentraland (MANA), ranked 82nd in the Coinmarketcap ranking, draws attention with its price movements today. Altcoin, which won 10 percent against BTC yesterday, and at the press time jumped close to 10 percent.
Will MANA break the horizontal trend on the daily chart?
After touching an average of 874 sats in the first week of August, it fell to 700 sats in August. August price action appears to be concentrated, typically in the 750-850 sats range.
The rise that started yesterday in the MANABTC pair continues today. If the MANA token can close daily above 875 sats today, it could enter an uptrend up to 1100 sats in the short term.
Day close above 875 sats is significant. Because when we look at the MANABTC daily chart, we see two upward movements in August. (10 August and 22 August). It faced sales in these two jumps and caused the MANA price to enter the channel.
When we examine the moving averages on the daily chart; With the 20 MAs breaking the 50 MA, a serious increase took place. In the current situation, MANA is in the positive zone above 50 MA (802 sats) against BTC. Hence, 50 MA can be followed as a dynamic support value.
On the other hand, an inverted head and shoulder formation is seen in the daily view. According to this formation, it has the potential to rise after breaking the neckline as well as the neck and head (average 20 percent).
To summarize; MANA is showing a positive outlook against BTC in the short term and weekend trading may continue to rise as well.