MANA Technical Analysis 2024
Key Insights
- MANA is facing a substantial interest from market participants.
- After undergoing a correction stage, MANA showed a sharp decline that may indicate profit taking by market participants and temporary weakening of buying activity.
- The zone of increased volume profile may be a place for accumulation of positions by large players.
MANA Tech Analysis
After forming a local low at $0.2685, the asset showed a significant upward movement, reaching a high of $0.8190, which represents an increase of more than 200%.
This rise indicates strong buyer interest and significant capital inflows. However, after reaching this peak, the price of the MANA underwent a significant correction, dropping to $0.3706, which is more than 55% of the high.
At the moment the asset is trading in the zone of the increased volume profile, which indicates a high level of interest on the part of market participants.
The zone of increased volume profile is usually characterized by active purchases, which can serve as an indicator of potential consolidation and preparation for the next significant price movement.
MANA Price Prediction
After completion of the process of accumulation of positions by market participants, we can expect the price chart to go above the POC level at the price mark $0.4693 and subsequent movement to the resistance level at the price mark $0.8439.
In case of breakdown and consolidation above the resistance level, further price increase and movement to the next level at the price mark $1.1282 is possible.
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