DecentralandLong
MANA - No reason to panic!
Hi all,
We all know that the crypto market strongly correlates with the performance of BTC. When waking up this morning (at least in my timezone) I saw a little crash from BTC which now trades in the low 60's. What usually happens is that when BTC dips, the Alts dip even harder.
Though, its important to understand how far such a dip goes and which levels it reaches, or does not reach. For MANA there is one key level which functions as a resistance when trading below it, and a support when trading above it. This is the level from $3,00 till $3.10
When looking at the chart we see that the support has taken some serious punches but that it still managed to keep the candle closing within the support. It was tough, but that it held is whats counts.
It looks like BTC is slowly making its way back up as its making higher lows on the 1h chart. The same goes for MANA. I have published my view on the 1H chart here as it show how well the support did its job.
I personally think there is not much reason to panic and we will see prices above $4 in the coming days. Though as always, that is my personal view on the chart and market situation and in any case not financial advice.
Happy trading!
We all know that the crypto market strongly correlates with the performance of BTC. When waking up this morning (at least in my timezone) I saw a little crash from BTC which now trades in the low 60's. What usually happens is that when BTC dips, the Alts dip even harder.
Though, its important to understand how far such a dip goes and which levels it reaches, or does not reach. For MANA there is one key level which functions as a resistance when trading below it, and a support when trading above it. This is the level from $3,00 till $3.10
When looking at the chart we see that the support has taken some serious punches but that it still managed to keep the candle closing within the support. It was tough, but that it held is whats counts.
It looks like BTC is slowly making its way back up as its making higher lows on the 1h chart. The same goes for MANA. I have published my view on the 1H chart here as it show how well the support did its job.
I personally think there is not much reason to panic and we will see prices above $4 in the coming days. Though as always, that is my personal view on the chart and market situation and in any case not financial advice.
Happy trading!
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