MANA token in descending triangle consolidation.Mana token that is built on Ethereum coin is a currency of Decentraland.
It gained a reputation last year after the launch of the metaverse to the public domain and gave a nice return of about 600-700% in just few months.
Though, after the initial hype the token lost its gains and travelled back to its inital price.
The token started trading below its weekly 20 ema in the First week of April 2021 and is still trading below it.
Even on the smaller time frame (daily), MANA is struggling to convincingly trade over its 20 DMA and is now forming a desending triangle formation.
Its trading around its 20 DMA and have lost around 85-90% of its value from ATH.
If the global markets regain their bullish moment the token can also give a nice targets.
On the 4-hour chart analysis the token is taking a support around 0.681 USDT levels.
Support:- 0.681, 0.629
Resistance :- 0.720, 0.730
The token has been in the down trend for so long and bullish move is expected in it.
Wait for the token to breakout of the consolidation range and a price action near the levels for creating an intraday or swing trade.
