Can the popular cryptocurrencies from the last bull market create brilliance in this bull market? The first issue of Metaverse concept cryptocurrencies: MANA

As one of the most popular Metaverse concept cryptocurrencies in the last bull market, MANA has dropped by over 99% from its peak to this year's lowest point, causing significant losses for investors who bought in at the peak or halfway up. However, with the arrival of altcoin season, is MANA still worth buying? Today, I will briefly analyze the current trend.

From a weekly perspective, MANA's price has risen from a recent low of 0.216 to around 0.855. The increase exceeds 4 times. From the weekly candlestick chart, we can see that since MANA's rise from the low, it has undergone several weeks of oscillation and accumulation between 0.216 and 0.35. After that, in November, the price broke through the accumulation range and began to accelerate upward to complete the peak. In the medium term, MANA's weekly support is at the starting point of this acceleration at 0.27. Therefore, if one buys MANA at this stage, the stop-loss price should be set at 0.27.

From a long-term perspective, the weekly high in the past two years is around $1.115, which is also the high point before the price fell below the moving average again at the end of the bear market. In the short term, MANA's first resistance level is at $1.115. If the resistance at $1.115 is broken, then the next phase will test the starting point of the consecutive weeks of large bearish candlesticks around $2.736. This can be seen as the last straw for bulls, leading to consecutive weeks of decline afterward. If there is continuous capital inflow in this bull market, MANA has a chance to return above $2. However, breaking through the previous historical high will depend on whether there are large whales willing to take on this cryptocurrency.

At the current price of 47,997,167,466, reaching $1.1 would yield a profit of about 212%, and if the price reaches $2.7, the profit would be about 521%. If the price hits the stop-loss price of $0.27, the loss would be about 52%.