MANAUSD Descending Wedge
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 aforementioned 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). On the other hand, 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.
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). On the other hand, 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.
The SKIE Team.
Penafian
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