ππ Markets fly as Fed causes potential pivot! How high can MANA go?
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Chart #1 - Cardano (ADAUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
ADA has rallied from $0.25 to $0.40 in the last four weeks but has formed a bearish rising wedge structure in the process!
It is now getting very close to the end of that structure, so decision time is imminent.Β
Having consolidated around $0.40 (resistance) over the last week, if ADA now breaks out of the rising wedge to the downside, the next level of support that it tests could be between $0.30 - $0.33. However, a break to the upside could be violent and take ADA up to $0.45 (the next resistance level). Note that that level held as support for a long time towards the end of last year and will now act as tough resistance.
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Chart #2 - Arweave (ARUSDT) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
I talked about my Arweave (AR) trade in a previous edition of The Daily Candle, and I wanted to update you all on it, as it is going as expected!
In line with my plan, AR is just about to tag its mid-range level, which is my Take Profits 1 zone (TP1).
If there is a pullback into the trend line, as depicted by the arrows, I'll look to re-add the profits for another potential leg up to the range-high at $18, where my second and final Take Profit zone is at (TP2).
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Chart #3 - US Dollar Currency Index (DXY) 8-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The DXY tagged the liquidity zone, which we have been eyeing for quite some time.Β
It's currently in a falling wedge pattern, and a breakout would create a pullback for risk-on assets.Β
If bitcoin gets to the $25,000 level - which is crucial resistance - and the DXY simultaneously bounces, that should create the pullback.
Check our Crypto Banter Discord here for updates!
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Chart #4 - Decentraland (MANAUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
MANA was one of the best-performing altcoins in January, increasing from $0.28 to just below $0.80 - a massive 185% move in just four weeks.Β
Though it's trading at $0.75 - $0.80 (resistance), and the overall crypto market is overheated, there is a chance it still could go higher. If MANA breaks through its resistance, it could visit the $1.00 - $1.10 area.Β
But, if the price gets rejected here, the next level of support is at $0.55 - $0.60, and below that is $0.40 - $0.45.Β
In all honesty, a pullback over the next few weeks will be healthy for the market and could set it up to move even higher. And with MANA being one of the best Metaverse / Gaming coins in its category, it may still have a long way to go. Remember, it was trading at just below $6.00 at the end of 2021.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 60 today, indicating Greed.
The highest the index has been over the past seven days is 61, and the lowest is 51.
Overall Market Sentiment (Banterβs Take)
Following the FOMC meeting, US Federal Reserve Chairman Jerome Powell gave a dovish speech which the market has interpreted as a potential pivot. That caused a market-wide rally.Β
The market will likely digest yesterday's price action over the next 48 hours, and a new range should form.
Stay safe my friends!
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