Decentraland, EOS, PancakeSwap Price Analysis: 13 May

ambcrypto.com:

Bitcoin moved past the $30k mark in recent hours after finding some support at $28.5k, and this move upward prompted many altcoins to rally. Decentraland saw a 45% rally in recent hours, and EOS flipped its bias toward bullish after a week of intense selling. PancakeSwap could see a quick move above the $5 area in the next few hours, provided Bitcoin can hold above the $30k mark.

Source: MANA/USDT on TradingView

MANA pumped nearly 45% in the past few hours as the short-term outlook shifted from strongly bearish toward bullish momentum. The market structure had flipped to bullish after the price formed a higher low at $0.7 and broke past the $0.8 lower high of the downtrend of the past few days.

Does this mean that a longer-term trend reversal is in sight? Not really, despite the buying pressure in recent hours. The OBV spiked upward alongside the price to reflect heavy buying volume on MANA’s surge from the $0.7 level to $1.03. The $0.95-$1 area could offer a buying opportunity on a retest for a scalp long, with take-profit targets at $1.2 and $1.3.

However, there is heavy resistance overhead, and risk has to be carefully managed.

Source: EOS/USDT on TradingView

EOS was a similar story on the charts to MANA after it bounced from the $1.23 support level and broke past the $1.35 level. In the past few days, the $1.4 and $1.51 levels have served as support. Therefore, on the way up, they are likely to act as strong resistance levels as well.

The RSI climbed above neutral 50 to denote a near-term momentum shift toward the bullish side, while the CMF also briefly poked above the +0.05 mark. Hence, the capital flow was significant into the market during the rally of the past few hours.

The Stochastic RSI was in overbought territory