Mana (MANA/USDT) Undergoing a Trend Shift
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MANA/USDT Price Analysis: MANA/USDT broke below the falling wedge and change trend
MANA/USDT broke below the falling wedge pattern, thereby having a strong momentum candle in the month of October. It later retested before continuing its downtrend.
MANA/USDT Key Levels
Support Levels: $0.2440, $0.3540
Resistance Levels: $0.1160, $0.1150
The daily timeframe shows a Downtrend from a falling wedge pattern which lasted from October – December, and price reach the $0.1160 support zone which triggered trend reversal. The Candlestick forming close to the upper band of the Bolllinger Band in January also confirm the market is now in an uptrend.
On the daily timeframe, the stochastic Relative Strength Index (Stoch RSI) is in the oversold area. This happens when the market reaches the Point of Interest (POI), which is the support level of $0.1160, further confirming the market bias.
Market Expectation
The 4hr timeframe shows the market Change of Character (CHOCH) in the uptrend direction at price level $0.1630, which is a good confirmation that the Uptrend is gaining strength. A liquidity grab can also be seen at the price level $0.1450. After this price manipulation, the market can be expected to continue in its initial direction with more momentum.
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