MANA could be in the process of forming the C leg of a classic ABC correction/reversal pattern that normally occurs after a 5 count wave to the downside. If so this move could send the crypto up to a test of the $1 psychological price level. From where it stands that would be a cool 45% move to the upside.
The price has about a 5% move to the downside if it wanted to go back to the closest support level, so keep that in mind before entering any longs right away.
However, if you can stomach a possible 5% loss right out of the gate, you could very well be rewarded as MANA is also sitting above a strategically important level at the .236 fib level, an area that is often respected and associated with price reversals after capitulations.
This is a good one to catch before price begins to run away from our .236 level which could be imminent with the recent steam that the overall crypto market has began to find.
PLZ USE ALERTS/STOP LOSSES
The price has about a 5% move to the downside if it wanted to go back to the closest support level, so keep that in mind before entering any longs right away.
However, if you can stomach a possible 5% loss right out of the gate, you could very well be rewarded as MANA is also sitting above a strategically important level at the .236 fib level, an area that is often respected and associated with price reversals after capitulations.
This is a good one to catch before price begins to run away from our .236 level which could be imminent with the recent steam that the overall crypto market has began to find.
PLZ USE ALERTS/STOP LOSSES
