MANAUSD Descending Wedge for COINBASE:MANAUSD by SKIE_Watching

A descending trend line since the ATH yesterday is visible on the hourly chart with multiple spikes occurring due to pump and dumps and/or covering of short positions (though I have not done enough research on short interest on MANA – likely bag holders are exiting positions with each new spike). $2.557 seems to be a crucial price of supply meets demand since October 30. Combine this price with the descending trend line we see a descending wedge forming.

I anticipate a breakout from this pattern in the next few hours. A breakout down might imply further sell off to $2.1533, then further to $1.69. This collapse may be interrupted by the larger, bullish trend (which, from my interpretation, began on October 28). A breakout up may be met with supply/resistance at $3.43, from where a parallel channel may form (with $2.557 being support/ demand zone ) until the next large influx or efflux of volume . A breakout above $3.43 may imply further price movement toward $3.887, then potentially a retest of the ATH ($4.99).

The price targets I provide are my own anecdotal opinions and I observe them making room for error.

Regardless, volume is dying. The hype is waning. MANA volatility may wane similarly to other meme assets such as DOGE and GME . The purpose of this post is so future me learns from what I theoretically predict and what actually occurs.

Most Related Links :
todayuknews Governmental News Finance News

Source link

Back to top button