MANA Technical Analysis: MANA Buyers Defend 200-day EMA; Can We Expect A Bullish Recovery?

On February 24th, the MANA token price action showed a long lower price rejection candle of over 15%, indicating the intense demand pressure below $2.44. The MANA buyers failed their second attempt to breach the high swing resistance of $3.42 on February 16th. Amid the intense sell-off in the crypto market, the coin chart formed six consecutive red candles, which tumbled the altcoin by 27.5%, bringing it to $2.44. However, the long-tails candle at this support hints the buyers are defending this level with vigor. Can bulls follow up on this rejection, or bears continue their correction? Key technical points: MANA price obtains strong support from 200-day EMA The 4-hour RSI chart projects a bullish divergence The 24-hour trading volume in the Decentraland token is $1.4 Billion, indicating a 16% rise. Past Performance of MANA The MANA/USDT technical chart showed a double bottom pattern in the daily time frame chart. A bearish breakdown from the $2.89 neckline intensified the selling pressure and plunged the coin to $2.44. However, the shared support of the mentioned level and the 200-day EMA bolstered the bulls to wrest control from bears. Source-Tradingview MANA Technical Analysis The MANA price trades at the $2.6 mark by press time, indicating a 6.84% gain from $2.44 base support. Furthermore, the technical chart shows the buyers have to face a significant hurdle of combined resistance level, i.e., Horizontal chart level $2.82...