MANA's Price Falls Below Control Point as 0.618 Fib Level Becomes Crucial Pivot

MANA has remained within a defined range of $0.19 to $0.38 for an extended period, characterized by a rotational structure without a decisive breakout. The token recently rejected attempts to breach the value area high near $0.38, followed by a decline below the point of control, signaling a shift into a corrective phase. The critical focus now lies on the 0.618 Fibonacci retracement confluence zone, which intersects with the midpoint of the trading range and has historically acted as both support and resistance during prior market rotations. This level is pivotal for determining whether MANA will initiate a rebound toward the range high or continue its downward trajectory [1].

Technical analysis highlights the rejection at $0.38 as a key indicator of weak buyer sentiment, with price action now seeking equilibrium within the established range. The 0.618 Fib level, positioned at a strategic midpoint, represents a high-confluence support zone. A successful rebound here would require strong volume confirmation to validate bullish momentum, potentially driving MANA toward the $0.38 range high. However, without significant buying pressure, the level may fail to hold, leading to further consolidation within the range [1].

Conversely, a breakdown below the 0.618 Fib confluence could accelerate a move toward the range low of $0.19, prolonging the sideways pattern. Such a scenario would reinforce a bearish bias, as the asset’s inability to generate sustained upward momentum could trigger a broader correction. Traders are advised to monitor volume dynamics closely, as false breakouts are common in rangebound markets. A definitive breakout, supported by sustained volume, would signal a potential exit from the range, but until then, price action is expected to remain confined between these levels [1].

The implications for the broader crypto market are contingent on MANA’s near-term performance. As a token with strong correlations to risk-on sentiment, a sustained rally from the 0.618 Fib level could catalyze renewed optimism across other altcoins. Conversely, a breakdown might precipitate profit-taking and margin calls, particularly in leveraged positions that have accumulated over recent months. The 0.618 Fib zone thus serves as a critical inflection point for both technical and psychological factors influencing market dynamics [1].

Strategically, the 0.618 Fib confluence has attracted attention due to its dual role as a technical threshold and a psychological benchmark. Algorithmic and discretionary buyers may position themselves here, anticipating a reversal, while bears anticipate a continuation lower. The absence of conviction in prior attempts to test the value area high suggests hesitation among institutional players, intensifying the tug-of-war between bulls and bears. Stop-loss orders are tightening as a result, amplifying volatility risks should the price decisively trend in either direction [1].

For MANA to break free from its rangebound structure, a clear and volume-confirmed breakout is necessary. Until this occurs, the market remains in a high-stakes standoff, with outcomes hinging on the 0.618 Fib level’s ability to either defend against selling pressure or succumb to it.

Source: [1] [title] [https://crypto.news/mana-rejects-key-resistance-price-remains-rangebound/]