$MANA
Analysis Summary
The $MANA /USDT pair is expected to drop in value based on the chart analysis. Here's why:
*Key Points*
1. *Triple Top Formation*: The price reached a high of $0.3020 three times but couldn't break through, indicating a strong resistance level.
2. *Bearish Engulfing Pattern*: A sharp decline followed the triple top, confirming a potential reversal.
3. *Breakdown Below Support*: The price broke below the $0.2850 support zone, signaling a shift in momentum towards the downside.
*Trading Plan*
1. *Short Trade Entry*: Consider entering a short trade between $0.2830 and $0.2855, given the current breakdown.
2. *Target Prices*: The potential targets for the short trade are $0.2750 and $0.2670.
3. *Stop Loss*: Set a stop loss at $0.2900 to limit potential losses.
*Market Insight*
The rally appears overextended, and sellers have taken control. A break below $0.2800 with significant volume could lead to a sharp decline.
*Trading Tip*
Wait for a weak retest towards $0.2850 before entering the short trade. Use a trailing stop to ride the move smoothly towards the target prices.