MANA Breakout confirmed - $6 next?

٦ نوفمبر ٢٠٢١

MANA finally broke out of the falling wedge after moving within the pattern for a few days. Now that the price finally managed to break out above the trend line the next challenge is to pass the resistance around $3. When looking on the 1H chart the price did not manage to close above $3, despite reaching $3.08 for a moment. There is a small possibility that the price drops until the trendline before bouncing back up again.

I have taken my position at $2,71 and will be targeting to take profit around $6. If the pump is similar to the previous pump we might even see $8,35 even though I believe that is too much wishful thinking. Depending on how the chart develops itself I will determine where to take (partial) profit.

How to read the chart:
- Red bars are resistances - these will turn into supports once the price breaks above it
- Horizontal lines are fibonacci extension lines showing where potential upcoming resistances are and where I could take profit (usually a bit below the fibo line)
- The arrow shows how i believe the price will develop over the coming days
- The horizontal dotted line is where I have entered a position

Please note: this is not financial advise, but only my personal analysis and idea :)