TradeCityPro | MANAUSDT Fake Breakout Trigger Activated!👋 Welcome to TradeCityPro Channel!
Let’s dive into the analysis of one of the metaverse coins and quickly check the trigger and the action unfolding on its chart together!
🌐 Overview Bitcoin
Before starting the analysis, I want to remind you again that we moved the Bitcoin analysis section from the analysis section to a separate analysis at your request, so that we can discuss the status of Bitcoin in more detail every day and analyze its charts and dominances together.
This is the general analysis of Bitcoin dominance, which we promised you in the analysis to analyze separately and analyze it for you in longer time frames.
📊 Weekly Timeframe
On the weekly timeframe, MANA is one of those coins still oscillating within its range box. After a rejection from the key ceiling at 0.7679, we moved back toward the lower end and continued to fluctuate within our range box.
The candle from two weeks ago attempted to close below the critical support at 0.2484—and it did close below this box’s floor. However, this didn’t trigger a sharp drop; instead, we saw a fake breakout!
A fake breakout occurs when a support or resistance level is breached, but the next candle reverses back above the support or below the resistance. This is often called a fake breakout, and it typically signals a trend reversal or the start of a new trend.
That’s exactly what happened here. After the break, the next candle closed as a strong green candle, returning MANA to its box. This could mark the start of a new trend. You can take this trigger with a stop loss at 0.1722 and capitalize on the potential move!
📉 Daily Timeframe
In the daily timeframe, MANA has continued to show the aftermath of the fake breakout. After the failed attempt to break below 0.2484, the price quickly recovered, with buyers stepping in to push it back into the range box.
The strong green candle that followed the fake breakout confirms the buying pressure, and the price is now testing the upper boundaries of the box. If we see a break above 0.7679, it could signal a strong bullish move. However, caution is needed—failure to break this resistance could lead to another rejection.
For buying, the fake breakout trigger at 0.2484 is active, and you can enter with a stop loss at 0.1722. Confirmation would come from sustained volume and a push above the 50-day moving average. For selling, if we break below 0.1722, it’s a sign to exit, as the downtrend could resume.
✍️ Final Thoughts
Stay level-headed, trade with precision, and let’s capitalize on the market’s top opportunities!
This is our analysis, not financial advice always do your own research.
What do you think? Share your ideas below and pass this along to friends! ❤️
