MANTA — Creating The Perfect Entry?
Like many altcoins, MANTA has been showing strong bullish signals lately.
In this post, I will examine the current chart and discuss a potential trade setup. Let's go!
Key Chart Facts
▸ Forming a Bottom & Breaking Resistance: MANTA recently formed a perfect bottom, followed by a breakout above the key resistance level at ~$0.864. The breakout is significant as it signaled a shift in momentum.
▸ Bullish VMA Signal: The Volume-Weighted Moving Average (VMA) has remained bullish since MANTA's bottom, indicating a sustained upward momentum.
▸ Retesting Support: With the current market dip, MANTA has revisited the previous resistance around $0.864, which is now being tested as support. A successful retest would confirm the breakout, providing a solid entry point.
Trade Setup
▸ Entry: Watch for a confirmed bounce off the $0.864 level. This offers an ideal entry for a potential upward move if it holds as support.
▸ Target: The next bigger target sits around $1.06, offering a potential upside of over 20%.
Summarized
If MANTA confirms support at the $0.864 level, it could be gearing up for its next bullish leg toward >$1 and offer a perfect entry.