Share This Content!
Decentraland´s MANA Token had a blast to the upside this year, gaining over 150%. But is it time to buy? This is my price prediction, and why I think traders should wait for a correction.
This is the big picture on the daily chart, with resistance and support levels.
As you can see, price had a beautiful run to the upside (as with most of the crypto market), RSI hit above 90 (extremely overbought), and price is being rejected at the junction of an important resistance level and a falling trendline.
Looking closer, at the 4HR timeframe, we have a valid wave count to consider that the impulsive wave is over. We also have RSI divergence, as indicated by the green line.
So, is it time to buy? Not in my opinion. As traders, we have to avoid FOMO and wait for the right conditions to enter a trade, and MANA is definitely not in that spot.
I´ll be waiting for a correction, first targeting 0.60 support, and possibly 0.50 (50% pullback). The identity of the correction will give me a trading plan, and I´ll update this post once the picture is clear.
STAY IN THE LOOP
Leave A Comment