MANA has surged the last few days, giving some of us over 70% of gains. Now its time for a small retracement before it can make a next leg up.
It looks like the chart is developing itself in such a way that an uptrend channel is forming, though in order to have that confirmed the price needs to bounce on the trendline. When looking at the price rejections on that level (when looking at the candles to the left) this seems like a very realistic scenario. At the time of writing its battling its way through the support after which I will try to accumulate a position, somewehere around $3.47.
If that happens I believe a further move up is possible until $5.55 if it succesfully manages to pass the 0.618 Fibo line.
#notfinancialadvice
It looks like the chart is developing itself in such a way that an uptrend channel is forming, though in order to have that confirmed the price needs to bounce on the trendline. When looking at the price rejections on that level (when looking at the candles to the left) this seems like a very realistic scenario. At the time of writing its battling its way through the support after which I will try to accumulate a position, somewehere around $3.47.
If that happens I believe a further move up is possible until $5.55 if it succesfully manages to pass the 0.618 Fibo line.
#notfinancialadvice