Mana (MANA/USDT) Uptrend Continuation After a Fake breakout
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MANA/USDT Price Analysis: MANA/USDT Sweeps Both Buy-Side and Sell-Side Liquidity
MANA/USDT broke above the price level of $0.1730 and then below the price level of $0.1170, signaling a liquidity sweep. A candlestick broke below the support at $0.1170 with a long wick, while the following candles remained within the breakout candle.
MANA/USDT Key Levels
Support Levels: $0.1700, $0.3540
Resistance Levels: $0.2440, $0.1150
The daily timeframe shows a downtrend from a falling wedge pattern that lasted from October to December, and price reached the $0.1150 support zone, which triggered a reversal attempt. Price then returned to the support zone to grab liquidity.
On the daily timeframe, the Stochastic Relative Strength Index (Stoch RSI) further confirms the fakeout since price near the support level of $0.1160 is in the oversold zone. Although the market was rejected from the Order Block (OB) at the level of $0.1700, price may rise again toward the OB near $0.1900.
Market Expectation
On the 4-hour timeframe, near the support level of $0.1500, the fake breakout formed a double bottom pattern. This structure at a support zone is a strong reversal signal. Price also hit the lower Bollinger Band twice, signaling a potential move toward the upper band. All these support that a bullish trend is likely to develop soon.
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