Good Evening,
This is looking like the bottom for $MANA & we can see multiple signs of this. We're looking at the daily chart since the inevitable 50%+ correction for Bitcoin in Mid-May. We can see a clear up-trend recently & I believe .50 USD will serve as a solid support level moving forward, as it's a psychologically comfortable amount. The first sign is leveling off of the 50 day moving average. This indicates enough positive price action in the short term (finally) to offset those huge losses in late May. I expect this will become a resistance level moving forward & flipping it into support will be the big sign I'm waiting for that we're heading to the Moon. Until then however, we can expect volatile & profitable trading action staying above 50 cents & moving generally upward into the Summer. The second sign is the Bollinger Bands thinning out & starting to point up. The consolidation we've been seeing is looking like it's ready to pop; and with Macro factors like the recent sale of a Decentraland Estate to a New York Real Estate company for over 900k & big names like Jay-Z & Katy Perry getting into NFT's... It's looking good. Finally we have the MACD pointing to the beloved Northeast (up). The MACD is greener than it has been since February 2021 & a quick history check shows what that could mean for the price.
There's one Bear sign admittedly & that is the trading volume still isn't as high as I'd like it. We've only seen an uptick in trading volume of a few percent, but I expect this is because the entire market is in a "wait & see" mode with EIP-1559 right around the corner. The constant FUD from the UK, China, USA & others hasn't helped either alongside the slow & steady up-trend of Bitcoin dominance, which has stifled a lot of alt coin growth & volume. I also wonder how the recent listing of $MANA on Celcius will effect the circulating supply, as at least some Hodlers will be depositing their coins for a modest 2.02% interest, compounding weekly. However, now that gas fees seem to be coming back to Earth we may finally see the trading volume increase & those resistance levels broken.
This is the crypto I've selected as my trading focus for this summer & I'll be diving deeper in upcoming charts. NFT's, real estate & crypto all seem like solid markets; so I'm focusing on the one that seems to be doing all 3. I am also a gamer at heart, so a videogame crypto is right up my alley. Full disclosure, I own some $MANA & am not endorsed by anyone to say anything (yet). Not a financial advisor, not financial advice, but I will be buying more $MANA to trade short term & hodl long term.
This is looking like the bottom for $MANA & we can see multiple signs of this. We're looking at the daily chart since the inevitable 50%+ correction for Bitcoin in Mid-May. We can see a clear up-trend recently & I believe .50 USD will serve as a solid support level moving forward, as it's a psychologically comfortable amount. The first sign is leveling off of the 50 day moving average. This indicates enough positive price action in the short term (finally) to offset those huge losses in late May. I expect this will become a resistance level moving forward & flipping it into support will be the big sign I'm waiting for that we're heading to the Moon. Until then however, we can expect volatile & profitable trading action staying above 50 cents & moving generally upward into the Summer. The second sign is the Bollinger Bands thinning out & starting to point up. The consolidation we've been seeing is looking like it's ready to pop; and with Macro factors like the recent sale of a Decentraland Estate to a New York Real Estate company for over 900k & big names like Jay-Z & Katy Perry getting into NFT's... It's looking good. Finally we have the MACD pointing to the beloved Northeast (up). The MACD is greener than it has been since February 2021 & a quick history check shows what that could mean for the price.
There's one Bear sign admittedly & that is the trading volume still isn't as high as I'd like it. We've only seen an uptick in trading volume of a few percent, but I expect this is because the entire market is in a "wait & see" mode with EIP-1559 right around the corner. The constant FUD from the UK, China, USA & others hasn't helped either alongside the slow & steady up-trend of Bitcoin dominance, which has stifled a lot of alt coin growth & volume. I also wonder how the recent listing of $MANA on Celcius will effect the circulating supply, as at least some Hodlers will be depositing their coins for a modest 2.02% interest, compounding weekly. However, now that gas fees seem to be coming back to Earth we may finally see the trading volume increase & those resistance levels broken.
This is the crypto I've selected as my trading focus for this summer & I'll be diving deeper in upcoming charts. NFT's, real estate & crypto all seem like solid markets; so I'm focusing on the one that seems to be doing all 3. I am also a gamer at heart, so a videogame crypto is right up my alley. Full disclosure, I own some $MANA & am not endorsed by anyone to say anything (yet). Not a financial advisor, not financial advice, but I will be buying more $MANA to trade short term & hodl long term.