MANA Technical Analysis: Everything Will Be Resolved At Around $0.95
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On the MANA weekly chart, we see that buyers tested the $1.8 mark so badly that the price fell to the $0.629 mark. Thus, the downward trend continues and now the mark of $1.8 is already a problem for buyers. Right next to this range is the main trendline of sellers, which they have been keeping since November 2021. What is the good news for MANA? The weekly candle of 9 May closed above the opening price, forming a giant pin. The trading volumes during this week increased. This is a signal from buyers to try to form a local growth wave.
If sellers are not able to lower the price below the $0.95 mark during May, the chances of MANA starting to grow to the $1.8 mark will increase as much as possible. At the moment, this is our main scenario.
Technical Scenario of MANA On The Daily Timeframe
Analyzing the MANA price movement on the daily timeframe, you can see a significant increase in trading volumes not only during the price fall, but also during growth. The local rebound from $0.71 is coming to an end. This is noticeable in the dynamics of price movements and the last few days in terms of trading volumes. Therefore, the scenario of lowering the MANA price to $0.95 looks more likely than continued growth without correction.
In addition, do not rush and immediately buy MANA for $0.95. We should not forget that the market has recently had a strong fall wave and the number of sellers, who will see a new fall wave immediately increased. Therefore, the lack of increased trading volumes in the range of $0.95 and a weak jump in price will indicate that the global decline is not yet complete. In this case, the last chance for buyers will be $0.77. If the MANA price will test this mark and bounce sharply up - it will be a signal for buyers to enter the position.
The MANA Price Has Broken The Global Trend Line Of Buyers
The weekly timeframe of the MANABTC price movement speaks of the danger of losing control over the global growth trend of buyers. So far, the first attack of sellers has been repulsed. The weekly candle of 9 May closed above the opening price. But, sellers are not ready to give up the local initiative. If the MANABTC price remains near the trend line of the growth channel for the next few weeks, we will buy this cryptocurrency instrument with the first target 0.00005.