Should you buy the dip in Mana on Sunday?

Decentraland Mana (MANA/USD) was trading 9% lower on Sunday. Many investors are now trying to buy the dip in the hope of a new rally soon. Mana was up over 300% in October. After a side-by-side consolidation this month, investors are predicting that a huge rally is imminent. Is now the right time to get in?

  • Mana had formed a symmetrical triangle earlier this year and experienced a very strong breakout. Mana recovered from $ 0.75 to $4.85 in just three days.

  • After the rally, a sharp correction was observed, during which mana fell by over 50% from its high level. Therefore, investors should be careful. Mana is a very volatile coin.

  • Mana has formed a double high and has been rejected by the trend line. This trägt contributes to the fact that mana has also formed a bäRSI divergence, which in turn means that mana could fall further.

  • Long entries should be avoided now, as it looks like the mana will drop to the support level of $ 3.13.

  • In October, a bullish crossover was formed. It shows that mana is bullish,but investors should be patient and enter at a lower price.

  • An entry into the Nähe of the lowest level at $ 3.13 is möpossible, since mana should reverse out of the demand zone.

  • A target of $3.8 can be set, followed by a new all-time high in the coming months.

Conclusion

Mana is now in a correction phase. However, this does not mean that the rally has come to an end. Mana could reach a new all-time high in the coming months. However, investors should be careful and maintain a stop loss. Mana is a volatile coin. 

Should you buy the dip in Mana on Sunday? appeared first on Coin Hero.

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