Inverse Head & Shoulders or ?...MANA is completing an Inverted Head and Shoulders pattern with a price target of +15% (around $2.44). It should follow the Green ascending channel as it makes this rebound. It won't make up for the recent tank, but at least it is in the positive direction. Will it hold? We shall see. If MANA doesn't break out as the pattern indicates, I assume it will continue consolidating between an ascending channel between $1.87 and $2.30 as seen in the Blue ascending channel (or finding support around $2.07 and consolidating between that and $2.20 as shown in the Pink channel). Keep an eye on the 50MA in relation to the 100MA...they're beginning to flirt a little bit with only 1.8% separating them. We do not want to see them cross over on the daily chart. On shorter time frames, this relationship looks a lot better. Since there has been an extended downtrend, it is only natural that the 50MA and 100MA are getting so close. MACD looks fine and of course, the Stoch RSI is rock bottom, which indicates less selling pressure.
In the end, it all comes down to BTC. BTC is not forming an Inverted H&S but is moving in a positive direction. I am keeping an eye on BTC breaking $39k. Should BTC get rejected there, besides the normal resistance, BTC will continue forming a bearish ascending wedge, giving BTC a return to the $31k range, undoubtedly dragging the market with it. Sit tight as finding support at $29-$31k is healthy and has been expected for several months. Should BTC break $39k, the next level to break is big @ $42k. I would actually prefer to see BTC test $35250ish first, creating more of an ascending channel versus trying to break out of an ascending wedge. This isn't financial advice. Good luck. Also note that MANA will sometimes break away from BTC for short periods so this short-term potential 15% increase may not be affected should BTC explore $35k. That being said, what BTC does between $29k and $31k will definitely affect the overall market. If BTC bounces, so will MANA, if it loses its footing at $29k, I anticipate MANA dropping to $1.25 or even lower to around $0.95. Again, not financial advice, just what I am reading from the chart for a potential short-term recovery, including an equally realistic path to lower numbers.
