MANA — Can It Get Even More Bearish? (Spoiler: Yes)
Certainly, MANA is among the top 10 worst-performing tokens.
While having reached a top of almost $6 during the last bull run, it has now reached the lowest level since 2021: 26 cents!
Even worse, MANA is struggling to hold above the most essential support line, sitting at 0.24. Breaking this level in 2021 was the start of a massive run.
I know that many people suggest accumulating at this level. It won't get much cheaper, right?
Well, in terms of MANA, I think both arguments are wrong.
It is widely agreed that the next bull run will be different. Unlike the last run, it is unlikely that all tokens will pump like crazy.
Therefore, tokens that have performed so poorly, like MANA, are likely to underperform (or not perform at all) in a bull run.
In addition, there is a certain probability that MANA will go lower. If the market continues to be choppy and creates more downside momentum, MANA will likely break its support.
That opens the door for another 75% drop.
So, the only option I see for touching this token is shorting when it breaks its support.
While having reached a top of almost $6 during the last bull run, it has now reached the lowest level since 2021: 26 cents!
Even worse, MANA is struggling to hold above the most essential support line, sitting at 0.24. Breaking this level in 2021 was the start of a massive run.
I know that many people suggest accumulating at this level. It won't get much cheaper, right?
Well, in terms of MANA, I think both arguments are wrong.
It is widely agreed that the next bull run will be different. Unlike the last run, it is unlikely that all tokens will pump like crazy.
Therefore, tokens that have performed so poorly, like MANA, are likely to underperform (or not perform at all) in a bull run.
In addition, there is a certain probability that MANA will go lower. If the market continues to be choppy and creates more downside momentum, MANA will likely break its support.
That opens the door for another 75% drop.
So, the only option I see for touching this token is shorting when it breaks its support.
I'm Ben. Crypto lover, trader, and coder.
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I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.