TradeCityPro | MANAUSDT Potential Fake Breakout of Support👋 Welcome to TradeCityPro Channel!
Let’s analyze MANA, one of the metaverse-category altcoins in the cryptocurrency market. Recently, I’ve had a feeling that we might witness a fake breakout in the market.
Scroll Down to Check Out the Analytical Chart as Well!
🌐 Overview Bitcoin
As always, we start with Bitcoin’s 1-hour timeframe, which is currently in a calm state with no significant fluctuations, essentially ranging.
If the 104227 trigger breaks and a lower high is formed, you can open a scalping short position, but make sure to secure profits quickly. For long positions, I plan to open one after 106498, as Bitcoin dominance is likely to rise, making Bitcoin my primary focus.
📊 Weekly Timeframe
On the weekly chart, MANA remains within a 200% range box, recently rejecting from the box's ceiling.
I’ve already bought some MANA, but my main trigger for significant buying is a breakout above 0.7638. I don’t pay much attention to fluctuations inside the range box. After breaking the box ceiling, MANA could easily yield up to 600% profits depending on token count and market cap.
If you’ve already bought within the range without sufficient momentum, consider setting your stop-loss below 0.2519. For re-entry, as mentioned earlier, wait for a breakout above 0.7638, where I’ve set my alerts.
📈 Daily Timeframe
On the daily chart, after breaking our daily trigger at 0.3390, which was also the box ceiling, we witnessed an impressive move, gaining 130% up to the box ceiling at 0.7833.
This demonstrates why it’s better to buy after a momentum-driven breakout rather than inside the range box. Post-breakout purchases often lead to faster profit realization and better stop-loss placement, even if the entry point is slightly delayed.
Currently, MANA is at a critical support level, correcting 50% of its impulsive wave, which is significant both in terms of Fibonacci retracement and Dow Theory, classifying it as a potential PRZ (Potential Reversal Zone).
For re-entry, a risky buy can be considered after 0.5782, while a safer buy opportunity lies after breaking 0.7833. It’s too early to exit or take profits now, and I wouldn’t act on a breakdown of 0.4614, except to open a short position.
⏱ 4-Hour Timeframe
On the 4-hour chart, MANA is ranging at the 0.4614 key support, repeatedly testing this level without significant upward movement, indicating stronger selling pressure. However, if sellers fail to break this support, buyers may step in, potentially driving the price higher.
📉 Short Position Trigger
The short position trigger is straightforward: I will open a short position after breaking 0.4614. However, since I expect a fake breakout, I will secure profits quickly on any short positions.
📈 Long Position Trigger
Currently, there isn’t a clear long trigger. If a fake breakout occurs, I’ll look for opportunities to take a long position using my fake breakout strategy. Additionally, if higher highs and lows form, I’ll search for a reliable long trigger.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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