Decentralized (MANA) is at a critical juncture as it faces a key retest of its trend line that could determine its next substantial move. With the price holding near a key support level, market observers are curious to see if MANA will hold the line and trigger a bullish turn.

A successful defense of this trendline could trigger a rally, propelling the cryptocurrency to modern highs. However, failure to hold could lead to increased volatility and uncertainty. All eyes are now on MANA’s ability to withstand the pressure and potentially set the stage for a significant breakout.

This article aims to examine the critical test of the MANA trendline and its potential to trigger a bullish rally. We will analyze technical factors, assess key support and resistance levels, and consider the market sentiment fueling this breakthrough moment, providing traders and investors with insight into whether MANA is poised for a breakout or if a trend reversal is on the horizon.

Market Sentiment: Are Bulls Ready to Take the Lead?

MANA price is currently trading below the 100-day elementary moving average (SMA) on the 4-hour chart, with a clear attempt to retest bearish territory. This price action indicates that bearish These forces remain dominant in the market and could push the price even lower towards the key trendline support level.

Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has fallen below 50% and is currently at 33%. As the RSI is holding in the lower range, there is a higher probability that the price will continue to lose value, potentially heading towards a retest of the key trendline.

On the daily chart, MANA is on a bearish trajectory, heading towards a retest of the trend line after briefly trading above it and below the 100-day SMA, as evidenced by numerous bearish candles. This downward move reflects powerful selling pressure and negative market sentiment, increasing the likelihood of price reaching the trend line again.

Finally, the 1-day RSI shows bearish pressure on MANA. The signal line has fallen below 50%, now resting at 45%, which signals increasing selling pressure and growing negative sentiment towards the digital asset.

Support vs. Resistance: What’s Next for MANA?

If MANA price reaches a bearish trendline and encounters rejection, it could set the stage for a significant rally, and $0.3103 could be the next resistance zone. A successful break above this resistance could signal further growth profits strengthening the uptrend, heading towards the next resistance range at $0.3483 and other levels above.

If MANA fails to stay below the downtrend line, it could consolidate or fall to $0.2559 support levelOnce the price breaks through this support, it could continue its downtrend, potentially targeting $0.2170 and other lower support levels.

MANA is currently trading at around $0.2792, down 3.7%. The cryptocurrency’s total market capitalization is $518 million, and the trading volume in the last 24 hours was $27 million. During this period, MANA market capitalization decreased by 3.10% and trading volume increased by 14.80%.

Featured image from LinkedIn, chart from Tradingview.com