 TradeCityPro | MANA : Aiming for the Top of the Box
2024-11-30
Category: gaming

👋 Welcome to TradeCity Pro! 
In this analysis, I’ll review MANA, the native token of the Decentraland project, one of the most well-known Metaverse initiatives. This coin has seen significant growth in recent weeks.

 ⏳ Weekly Timeframe: Approaching the Box Ceiling 
On the weekly timeframe, we observe a long-term range lasting 826 days. The bottom of this range is at 0.2501, while the top lies at 0.8170. Over the past few weeks, the price has moved from the bottom of the box, breaking above 0.4165, and has now approached the ceiling at 0.8170.

✨ If RSI breaks above the 74.42 resistance level and the price stabilizes above 0.8170, additional bullish momentum could enter the market. In this case, the first target would be 1.1101, followed by 2.1776. Should the price consolidate above these levels without showing signs of weakness, the all-time high (ATH) of 5.0563 may also be achievable.



 ⏳ Daily Timeframe: Momentum Exhaustion? 
On the daily timeframe, we see a parabolic move originating from the bottom of the range and now testing its ceiling.

📈 Currently, after testing the 0.7859 resistance, the price has pulled back to 0.5631. Interestingly, there’s no visible divergence in the RSI, indicating a healthy trend. If RSI re-enters the Overbought zone, the next leg up could commence.

🔽 In a potential correction scenario marked by reduced volume, the price might enter a time correction phase, ranging within the current area. For price correction, the key level to watch is 0.3926.

🚀 Breaking through 0.7859 could initiate a long-term bullish trend toward the ATH.



 ⏳ 4-Hour Timeframe: Futures Triggers 
On the 4-hour chart, more granular details of the previous move are visible. The price has currently retraced to 0.382, aligning with the 0.5631 level. If the correction continues, the 0.5 and 0.618 levels could serve as suitable targets.

🔼 For a long position, breaking above 0.7316 and consolidating above this level would be ideal, potentially initiating a new bullish leg. If RSI enters the Overbought zone, significant momentum could drive the market. Breaking above the 50 level on RSI would also signal the end of bearish momentum and a possible trend reversal.

❌ As for a short position, I prefer not to open one unless a trend reversal is confirmed. Currently, there’s no trigger for shorting, and I recommend avoiding counter-trend trades.

 📝 Final Thoughts

This analysis reflects our opinions and is not financial advice. 

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