MANA price continues to drift lower amid intense selling momentum. The price has been under the downside spell since the beginning of the April series. MANA lost nearly 14% on the weekly basis with no immediate signs of reversals.
MANA’s price extends the weakness for the fifth straight session in a row.
Investors could see the continuation of the downside momentum if it failed to hold on to $1.50.
The metaverse token 24-hour trading volume gained 26% at $259,634,554 relative to price.
MANA price looks bearish
MANA price fell 52% from the highs of $3.55 made on February 9 to the swing lows of $1.70. On the weekly chart, we could see the price made all-time highs of $5.91 in November. Since then MANA is under the control of the bears. In addition to that, the MANA price has been consolidating in the range of $3.20 and $1.70.
Currently, the price is hovering near the crucial support zone with above average volume that indicates the dominance of the sellers. Sustained downside momentum could result in the break of this support zone. In that case, investors could collect the sell-side liquidity neat the psychological $1.0 level.
In addition to that, a fall below the said level will open the gates for $0.70, the levels last seen in October,
On the flip side, if the price manages to hold above the session’s high it would challenge the prevailing downside in the asset. In that scenario, MANA buyers could revisit the previous week’s highs of $2.23. The next upside hurdle could be the 21-day EMA (Exponential Moving Average) of $2.40.
An acceptance above this level would meet the psychological $3.0 level.
As of publication time, MANA/USD reads at $1.71 down 4.93% for the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.