MANA Jumps 8%—Is This the Start of a Bigger Rally?

🚀 The pump no one saw coming
Decentraland’s token defies the market slump with a sudden 8% surge—retail traders pile in, while skeptics whisper ’dead cat bounce.’
📈 Charts hint at more upside
Breaking past key resistance levels, MANA’s price action looks bullish... or at least, less bearish than everything else in your portfolio.
💸 Proceed with caution
Sure, ape in if you believe in virtual real estate. Just remember: in crypto, even a broken clock is right twice per bull run.

MANA breaks key long-term resistance, surges by 8% within a day

Source: MANA/USDT on TradingView

The altcoin has regained a bullish market structure on the 1-day chart, as well as managed to beat the long-term S/R level at $0.29. These two achievements, together, prompted the token to rally by 18% on Monday. However, they were rebuffed by the supply zone at $0.34.

It is highly likely that this resistance would be breached in the coming days. The OBV seemed to ve well above the January highs, showing greater demand for MANA in April. This buying pressure, if sustained, can lead to a breakout past the $0.34 resistance zone.

The RSI was also above 60 to indicate strong bullish momentum recently. Overall, the price action underlined bullishness on the 1-day timeframe.

Source: MANA/USDT on TradingView

The 4-hour chart also revealed the bullish momentum in the lower timeframes. The 20 and 50-period moving averages were bullish and acted as dynamic support to MANA token’s price. The $0.3 and $0.27 levels were also support zones to watch out for.

The supply zone at $0.34 demarcated a bearish order block on the daily timeframe. It represented a good take-profit zone for traders already in long positions. Swing traders can wait for this region to be flipped to support before going long once again.

Source: Coinglass

Finally, the 3-month liquidation heatmap highlighted a thick cluster of liquidation levels in the $0.3-$0.36 region. The rejection from $0.34 meant that a good chunk of overhead liquidity has been swept, but the $0.355 region can still be a notable magnetic zone.

Given the demand behind MANA and the price’s proximity to this liquidity cluster, it is likely that MANA would move to $0.355 next. Whether it can break out or will see another temporary retracement afterwards would depend on the market-wide sentiment and MANA’s buying pressure.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion