I tried to catch the falling knife and I found my hand was bleeding lol. But actually the average price I have is not that bad at 1,232. Meanwhile, my position in futures hasn't touched SL of 0.7 yet, so yeah, I'm still excited.
If BTC strengthens and there is sufficient inflow into the altcoin then I can expect the price to close above the Ichimoku cloud on the daily time frame, which signals a potential reversal of the downtrend to an uptrend.
But the chart shows that there is quite strong resistance there besides the cloud itself, namely the confluence of the EMA 50 (grey line) and daily resistance D(R). So there is still a possibility that this coin will decline again.
If the price can overcome this obstacle, MANTA's opportunity for a reversal will be very large.
I considered taking partial profits at the first significant resistance level, for example around 1.50.
The second target is near the next resistance level or a key psychological level, such as 2.00 or above.
I plan not to close the entire position but leave at least 25% of my current exposure. Who knows, MANTA will eventually fly even higher.
If you are interested in MANTA and considering entering the market then wait until the price closes above the Ichimoku cloud on the daily time frame, which signals a potential downtrend reversal.
Consider entering at a level slightly above the cloud's upper boundary to confirm the breakout. If the cloud's upper boundary is at 1.00, an entry around 1.05 could be considered.