MANA Technical Analysis: What Conditions Are Needed To Grow To $4.25
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Starting from June 2021, the MANA price was supported by buyers through a trend line. The maintenance of this trend line at the end of October 2021 gave new impulse to the MANA price by 660%. Therefore, in the event of a prolonged and strong Bitcoin decline and the cryptocurrency market - the critical point of MANA is at $1.37. The liquidity zone of $1.5 increases the probability of the current fall wave of falling.
In the weekly timeframe, we see that only when approaching this range in mid-January, the price jumped sharply by 60%. After this rebound, the new local fall wave looks quite weak. In 3 weeks, sellers managed to absorb only one week of growth. Of course, all this is happening at low volumes relative to growth in November. But, such a sluggish nature of the fall in the MANA cryptocurrency increases the chance of a global market reversal in the range of $1.37.
Technical Analysis Of MANA On The Daily Timeframe
Analyzing the price movement on the daily timeframe, you can see another interesting liquidity level of $2.45. On the chart we see that from this mark the MANA price unfolded in early November. In addition, the first strong fall wave in the form of a sqeeze on 4 December stopped at around $2.45. Therefore, if the local correction is underway and the Bitcoin price does not fall below $36,000, there is a high probability that the MANA price will bounce with the first target to $2.8 and the final to $4.25. The medium-term market share of MANA will be decided at around $ 4.25. The fact is that the mark of $4.25 may begin the final fall wave, which will form a full-fledged growth correction from October 2021.
The MANABTC Price Is In The Middle Of A Global Growth Channel
Looking at the MANABTC price movement on the weekly timeframe, the confidence of the beginning of a new growth wave is fading right now. From January 2021, the MANABTC price is moving in a clear growth channel. At the time of writing, the MANABTC price is at the center of the global growth channel. Prolonged consolidation on a weekly timeframe is preparing a new strong price boost. However, if buyers can not control the middle line of the growth channel - the prospect of the MANA price fall will be 60%. Please note that in the last 3 trading weeks, the MANABTC price did not update the local lows, unlike the MANAUSDT price. Therefore, the current market in cryptocurrencies should be closely monitored for cryptocurrencies paired with BTC. In case of their active fall it is worth going to the stable coins and expecting better times to invest.