Issued on: 05th Jun’23
Valid upto: 10th Jun’23
Token: MANA
Category: Metaverse
Market Cap: $968,622,025
Circulating Supply: 1,878,271,532
Total Supply: 2,193,179,327
Price Update:
MANA price at the time of writing (05th Jun, 16:00) is $0.513 with 24-hour trading volume of increased by 200% to $129,001,642. MANA price is up by 4.9% in the last 24 hours according to coinmarketcap.com.
Source: Tradingview
Analyzing the above chart:
- MANA recently failed to break above the 0.618 Fibonacci level multiple times but made a breakthrough this morning with high trading volumes, currently trading above the 55 EMA.
- On the 4-hour chart, MANA is finding strong support around the $0.494 mark, which includes the 55 EMA, 200 EMA, and a horizontal support level.
- Given the significant volumes observed during the recent breakout, it is expected that MANA will move upwards from the 0.618 Fibonacci level ($0.501) towards the 0.5 Fibonacci level ($0.5661).
- A Long Trading strategy can be assessed between $0.520-$0.485 with invalidation below $0.480
- On the upside, one can see a rise of 9-10% towards $0.566 as first level and if the market sentiments turn towards bull, one can see movement towards $0.600.
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
An illustration of leverage in Futures Market:
Note: MANA is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade MANA in Futures Market in CoinDCX
Trade MANA in Futures Market at CoinDCX Pro
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
