MANA/USDT chart and technical analysis- Buy/sell asset: SELL MANA/USDT
- Entry price: 0.4543
- Stop loss: 0.4760
- Leverage: 1x
- Take profit 1: 0.4280
- Take profit 2: 0.3955
- Take profit 3: 3737
- Timeframe: 1 week
- Maximum profit: 17%
- Maximum loss: 4%
MANA/USDT has been in a bearish trend since the price peaked at 0.6062 in the bullish rally. The price has dropped 35% since then and is likely to drop further in the coming days. The market structure is bearish and bears have dominated the market at the moment.
The price is likely to make a correction and is likely to retrace to 0.4543 resistance level before dropping further. There is a bearish head and shoulder pattern around the same price level which is another confirmation for a potential drop.
The 0.4543 resistance level is a good level for a potential short entry as is around the 0.618 Fibonacci level and major resistance level.
Decentraland fundamental analysisFundamentally, the price is likely to remain stable and follow the price action as there are no major news events this week that could impact the price substantially.
Decentraland to Tether trade idea takeaways- The price of MANA/USDT is likely to drop further after retesting the 0.4543 resistance level.
- The price is likely to drop to the 0.3737 support level in the coming days
- Multiple take-profit levels have been added to secure profit along the way.
- The risk-to-reward ratio on this trade is 1:3.7.
- The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
- Good luck!
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