There are hints that the sustained downtrend in MANA is coming to its end.
1) We formed a strong weekly support.
2) This level was broken near the end of 2022.
3) However, there was very little supply around those low prices, and price quickly broke above the level again in early 2023.
4) Not only did we break that significant support/resistance level, we even broke above the previous significant high. This marks a "higher high", and hints that bulls are willing to buy MANA at continuously higher prices.
5) We retested the support/resistance level, which was in confluence with the Fibonacci golden pocket. We see a strong reaction in the form of a wick to the downside, indicating that bulls are quickly buying up all the supply in that level.
From here on we can expect higher prices. I've put my SL below the retest of the support/resistance.
1) We formed a strong weekly support.
2) This level was broken near the end of 2022.
3) However, there was very little supply around those low prices, and price quickly broke above the level again in early 2023.
4) Not only did we break that significant support/resistance level, we even broke above the previous significant high. This marks a "higher high", and hints that bulls are willing to buy MANA at continuously higher prices.
5) We retested the support/resistance level, which was in confluence with the Fibonacci golden pocket. We see a strong reaction in the form of a wick to the downside, indicating that bulls are quickly buying up all the supply in that level.
From here on we can expect higher prices. I've put my SL below the retest of the support/resistance.