Manta ReversalThe main trend shows a sharp decline from a high of around $3.50 to a low of around $1.40 before the price begins to consolidate and a new pattern forms. There is a strong resistance area around $1.78 to $1.90 (blue area). Price has tried to break this level several times but is still stuck.
Price Movement :
Falling Wedge: There is a falling wedge pattern that has broken upwards, which is generally considered a bullish pattern. This pattern provides an indication that the price has the potential to rise further. Right now, Manta has succesful breakout of falling wedge and forming ascending triangle as a continuation pattern. The price is around the EMA 21, which indicates consolidation and potential further directional movement.
There appears to be a Fair Value Gap (FVG) in the area of around $2.00 to $2.40. If the price manages to break through the current resistance, the next target will likely be to fill this gap.
Profit Target
TP 1: Around $2.10, based on measurements from the falling wedge breakout
TP 2: Around $2.40, the upper area of the Fair Value Gap (FVG).
Stop Loss: Around $1.66 or slightly below the 21 EMA to reduce risk, around $1.65
