$MANA price action currently paints an intriguing picture as it forms a descending triangle pattern on the 4 hour chart.

This structure typically indicates a period of consolidation that often precedes a breakout.

Here's the breakdown:

Current Market Conditions.

1. Support Zone:

The price is rebounding from a strong horizontal support zone near $0.55 - $0.58 accompanied by significant trading volume. This suggests buyers are actively defending this level.

2. Resistance Barrier:

The Ichimoku Cloud overhead serves as a tough resistance adding pressure to the price action.

The upper cloud boundary lies around $0.60 which is a critical level to watch.

3. Volume:

A noticeable increase in volume at the support zone hints at growing market interest.

However follow through is necessary for a breakout confirmation.

Key Levels to Watch.

1. Buy Zone:

Consider entering long positions near $0.55 - $0.58 as this area has shown strong buyer interest.

A patient entry around $0.56 could offer the best risk-reward.

2. Target Levels:

Target 1: $0.66

Target 2: $0.73

Target 3: $0.86

These levels align with previous resistance zones and Fibonacci extensions making them realistic profit taking points.

3. Stop Loss:

Place a stop loss below $0.53 to protect against further downside.

A close below this level could invalidate the bullish outlook.

What’s Next.

Bullish Scenario:

A decisive breakout above the descending triangle’s upper trendline (around $0.60) with strong volume would signal bullish momentum.

The first challenge would be overcoming the Ichimoku Cloud which could then clear the path toward the targets mentioned.

Bearish Scenario:

If the price fails to hold the support at $0.55 and breaks below $0.53 the descending triangle pattern could resolve to the downside.

In that case the price may revisit lower levels around $0.50 or $0.47.

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