MANA broke the resistance of the macro descending channel (orange) 4 days ago and is currently still above that zone. Although there is a potential 'M' pattern forming (red), there is tremendous support all the way down to $0.59. I think the latest momentum and industry growth leans toward a more bullish scenario. Although these are simply my views and not financial advice, I believe MANA is going to follow the micro descending channel (aqua) as part of a greater ascending channel (green) as it completes a cup and handle pattern that began November 4, 2022. Should MANA break below these channels, in favor of the M pattern (red), I would expect the price to dip back to the $0.30 area.
Comment:
MANA is following the chart on Binance.us. Even though there is significant support around $0.60, I'm keeping a tight stop loss at $0.6550. Should it break below that, $0.60 would be it's next support at best. MANA is currently hugging the middle of the descending channel (aqua). A break above $0.725 would be very bullish, sending MANA to the $0.81 range. A break above the ascending channel (green) would be the next step in it's approach to the $1.20-$1.26 discussed in yesterday's analysis. Good luck and remember that this is not financial advice. Crunch your own numbers and let me know what you think. We will have a lot more information this time tomorrow. Based on historical behavior, I think that MANA would have already made a deeper correction in-line with the potential M pattern. As it is finding supports, I think MANA is simply consolidating, creating formation for it's next leg up. If I didn't have my stop loss at $0.655, I would definitely have one set in the $0.5875 range. Fortunately, I have the time to keep an eye on price movement. Should it hit my .655 SL, the worst thing that could happen would be to buy it back for a 9-15% gain.
Comment:
Feel free to ask me any questions should the update above not make sense to you.