MANA and AXS
Barry Silbert’s support for Decentraland (MANA) has skyrocketed in recent months. Since the low level in July, buyers have increased the price by more than 1,400%, with an annual yield currently equivalent to about 4,800%. MANA brings a metavers in which players can buy accessories for their character and buy real estate, among other features.
The most important thing, however, is that the project has over 385,000 followers on Twitter, which clearly shows that people are quite interested in the project itself. In addition, partnerships with projects such as Sotheby’s and Opensea have also helped to attract even greater interest in the game. When it comes to the MANA price, the chart looks great! Unfortunately, we are currently on a downward trend on the MANA chart, the good news is that we are in the “golden pocket” of Fibonacci levels. Therefore, it would be more logical to prolong this decrease, rather than shorten it.
Usually the price is in the gold pocket. This is compounded by the fact that if the token loses the demand level around $ 3, it will probably reach about $ 1.5 to $ 2. These types of levels are usually strongly defended by buyers. Therefore, we can be confident in any position we take, with clear invalidations that can be easily established. If the price manages to overturn $ 4, it could be inferred that the price will try to reach all-time highs. This would result in not only a reversal of the demand area, but also a rupture in the structure of the bear market. Consequently, this level will be a challenge to overturn.
For example, three days ago, when buyers raised the price to this level, the sellers intervened and rejected it just before they reached the area, thus showing the strong sales pressure that MANA is currently facing. Let’s see if the weekly chart has more areas of interest.
MANA has been in such a parabolic race that there are few price points to appear on the weekly chart. The main area to be identified is the application area between USD 2.89 and USD 2.80, which was tested during the Bitcoin (BTC) deposit last week. There is a clear demand around this level.
The big wick from two weeks ago shows the buyers intervening. As long as there is no weekly closing below $ 2.80, the price is still on an upward trend, which favors the search for long ones instead of short ones. However, if the price starts to drop to $ 2.80, we are supposed to test $ 1.5 and make up for the price inefficiencies below. As an investor, it is essential to find the best risk to reward transactions. To know if MANA has the best R / R, it is essential to look at the MANA / BTC chart.
If MANA seems unlikely to outperform BTC, it’s not worth holding, let’s take a look at the chart to see. If the price can hold 0.000069 SATS and recover 0.0000726 SATS on an S / R test, then we can deduce that MANA is likely to outperform BTC in the foreseeable future, potentially going for ATHs compared to BTC pair, especially if the price can go up. trend line. There are a lot of levels below that show a clear demand. These levels are maintained nicely, with any large decrease.
Whenever there are large wicks under the candles, it is an indication that there is a lot of demand, this is due to the fact that the price has been forced to fall by the sellers, only to cope with a lower heavy buying pressure. This chart looks very similar to the weekly MANA / USDT, where the price still has an optimistic market structure. As long as the price does not close below 0.000045, the market structure will be kept. It will be interesting to see what happens if we test level 0.000062. This is a high support level and, if broken, signals a downward movement of over 25%.
It looks like it will perform poorly on BTC here, however, it is likely to be short-lived. Should I go for AXS instead of MANA? Although MANA was in a clear and brutal downward trend towards AXS, it seems that now it has found a bottom, forming a cup and handle formation. This is an optimistic sign for MANA bulls and indicates that it will overtake AXS in the near future, especially if it breaks the trend line I outlined above. If the price breaks the trend line, you could expect more upward continuation, in addition, making MANA the best choice of metaverse chips.
It also has an optimistic weekly market structure, with a number of higher highs and lows, thus allowing us to assume that the price will continue to rise compared to AXS.
