ðToday is Sunday, marking the end of the week and typically low trading volume. Hence, we'll analyze the weekly timeframe for Mana against USD for potential insights. On this timeframe, Mana has reached a supply zone, evidenced by a bearish engulfing candle. However, the current candle is showing signs of buyer strength.
ðIf this candle closes bullish, we can consider a pullback to the level of $0.5517, supported by the 7-period Simple Moving Average (SMA). Additionally, Fibonacci retracement levels indicate that we've reached the 1 extension point, suggesting a consolidation phase. For higher targets, $1.0989 could be considered, overlapping with the 1.414 extension.
ðVolume is decreasing during this correction, signaling a healthy trend. The Relative Strength Index (RSI) previously faked an overbought condition and could potentially surge upwards again.
ðBuying on the confirmation of the current candle closing bullish seems opportune.
ð§ ðžJust remember, jumping into trades too quickly before the main trigger can be risky. Always manage your money wisely and be aware of the risks involved.
ðIf this candle closes bullish, we can consider a pullback to the level of $0.5517, supported by the 7-period Simple Moving Average (SMA). Additionally, Fibonacci retracement levels indicate that we've reached the 1 extension point, suggesting a consolidation phase. For higher targets, $1.0989 could be considered, overlapping with the 1.414 extension.
ðVolume is decreasing during this correction, signaling a healthy trend. The Relative Strength Index (RSI) previously faked an overbought condition and could potentially surge upwards again.
ðBuying on the confirmation of the current candle closing bullish seems opportune.
ð§ ðžJust remember, jumping into trades too quickly before the main trigger can be risky. Always manage your money wisely and be aware of the risks involved.
