MANA forms a bearish pattern after posting gains in the past week, but…

ambcrypto.com:

Bitcoin has been unable to climb past the 39k resistance in the past few days, although it did find some demand at the $36.4k level. In the last 24 hours preceding press time, Bitcoin Dominance has dropped slightly from 41.85% to 41.37% (at the time of writing).

This suggested that the altcoin market has registered slightly more gains in the previous day than Bitcoin (in terms of market cap). MANA saw a bounce in price from $2.45 in the day prior to the time of writing. But the question remained- Was the market turning bearish once more, or was this only a pullback before further gains?

Source: MANA/USDT on TradingView

A set of Fibonacci retracement levels (yellow) were drawn based on MANA’s move from $3.19 to $1.7 in January. An area of resistance was identified at the $2.1 zone, which also coincided with the 23.6% retracement level. Subsequently, this area of former supply was flipped to one of demand (cyan box) and the price has climbed steadily to reach $2.87.

The higher high in the uptrend of the past few weeks has been set at $2.83, and MANA saw a pullback to $2.45.

As highlighted on the charts, the price had been on a low timeframe trend upward till it reached $2.83, and shortly thereafter the price broke beneath the $2.62 level as well. This can be taken as a break in the market structure.

At the time of writing, the price was nearing the apex of a rising wedge, shown in white. This suggested that a session close beneath the pattern could see MANA retrace a sizable chunk of its recent gains.

Unless the price can climb back above $2.74, it can be considered as an area where selling opportunities lie in the near term.

Source: MANA/USDT on TradingView

The RSI on the hourly chart climbed above neutral 50 and no divergences