Technical analysis by Phillipklh about Symbol MANA on 8/16/2025

This chart setup has been particularly tricky. In Minor Wave 1, we observed a truncated fifth wave, followed by what could be interpreted as a more complex correction, although a regular flat remains a valid possibility. My intuition, especially when taking other altcoins into account, leans toward the alternative scenario. Nevertheless, a completed flat followed by the start of Minor Wave 3 is also technically valid. For this bullish scenario to be confirmed, MANA must break and sustain above the 0.3174 level. If price fails to do so and turns lower beforehand, the alternative scenario—a ZigZag correction—becomes more likely. Ultimately, the market will determine which path plays out. Looking at liquidity and order flow, the order book is very thin, with orders slowly building at targets consistent with both the primary and alternative scenarios. The liquidation heatmap shows some liquidity just above current levels, aligning with the anticipated turning point of the alternative Wave B. Beyond that, liquidity is limited, with only minor concentrations near both scenario targets. Derivative metrics offer little additional clarity. Funding rates are holding at normal positive levels, which is neutral in terms of directional bias. Open interest has stagnated, while the Cumulative Volume Delta (CVD) remains flat and in negative territory. In summary, I will stay on the sidelines for now and wait until MANA delivers clearer signals. At this stage, the probabilities for both scenarios appear evenly balanced at roughly 50:50.