- The sentiment and momentum around the MANEKI crypto was bullish.
- The lack of accumulation in recent weeks has the bulls worried.
MANEKI (MANEKI), the memecoin chat attracting on the Solana (SOL) network, saw a 62.15% rally over the last four days. Since October 14, the token is up 32% and counting.
At press time, indicators reflected an upward trend.
However, Bitcoin (BTC) has reached a resistance zone around $66,000. MANEKI bulls also faced the supply zone at $0.00756.
Caution is better than FOMO right now
Source: MANEKI/USDT on TradingView
The daily market structure for MANEKI was bullish. The breakout of $0.054 resistance last weekend saw this former supply zone transform into a demand zone. From there, a large rally ensued on Monday.
The bullish surge of the last two days brought the price to the threshold of the $0.0075 resistance level. On September 27, this level pushed back the MANEKI bulls.
It is possible that a similar scenario could play out again, as the A/D indicator failed to make new highs even though MANEKI was at significant resistance.
This shows that buying pressure was likely not high enough to enable a sustainable rally, despite the bullish momentum of the past few days.
Market expectations are more moderate
Source: Coinglass
Like the price, Open Interest has also approached the highs reached in late September. However, the OI was almost $1 million lower than three weeks ago.
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This suggests that bullish speculators were fewer in number.
The A/D indicator and the OI chart together showed the market’s apprehensions of a sustained rally in MANEKI. Therefore, traders could book profits and prepare for a potential reversal.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
