Selling opportunity ahead: A close look at MANA/USDT amid bearish momentum

January 09, 2024 05:33 AM AEDT | By Invezz

Selling opportunity ahead: A close look at MANA/USDT amid bearish momentum — Image source: Invezz

MANA/USDT chart and technical analysis

Buy/sell asset: SELL MANA/USDT
Entry price: 0.4543
Stop loss: 0.4760
Leverage: 1x
Take profit 1: 0.4280
Take profit 2: 0.3955
Take profit 3: 3737
Timeframe: 1 week
Maximum profit: 17%
Maximum loss: 4%

MANA/USDT chart and technical analysis

MANA/USDT has been in a bearish trend since the price peaked at 0.6062 in the bullish rally. The price has dropped 35% since then and is likely to drop further in the coming days. The market structure is bearish and bears have dominated the market at the moment.

The price is likely to make a correction and is likely to retrace to 0.4543 resistance level before dropping further. There is a bearish head and shoulder pattern around the same price level which is another confirmation for a potential drop.

The 0.4543 resistance level is a good level for a potential short entry as is around the 0.618 Fibonacci level and major resistance level.

Decentraland fundamental analysis

Fundamentally, the price is likely to remain stable and follow the price action as there are no major news events this week that could impact the price substantially.

Decentraland to Tether trade idea takeaways

The price of MANA/USDT is likely to drop further after retesting the 0.4543 resistance level.
The price is likely to drop to the 0.3737 support level in the coming days
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.7.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Selling opportunity ahead: A close look at MANA/USDT amid bearish momentum appeared first on Invezz

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