The cryptocurrency market is stagnating, with multiple assets, including MASA, entering consolidation phases. Traders and analysts focus on higher timeframe support areas, expecting upward rallies once broader market conditions improve.
Incredibly boring markets, as everything is just consolidating.$MASA is doing the same.
The TA remains the same, currently in a higher timeframe support area, expecting to rally upward once the markets reverse. pic.twitter.com/DXUdxE0CeT
— Michaël van de Poppe (@CryptoMichNL) October 23, 2024
In recent weeks, MASA, a lesser-known cryptocurrency, has mirrored the broader market’s unimpressive performance. As depicted in the latest technical analysis (TA) chart, the token has found support at a critical level after declining price action. This support area highlighted on the chart is seen as pivotal for the next potential rally.
According to the TA, MASA recently experienced a “breakthrough” from its previous resistance zone. While the token has not yet seen significant upward movement, the analysis points to this consolidation as a necessary phase before continuation. The green zone on the chart indicates the higher timeframe support area where MASA is currently sitting.
Expectations of a Market Reversal
The broader market has been experiencing minimal volatility, with traders describing the current environment as “incredibly boring.” MASA is no exception to this trend, as it remains range-bound and awaits a potential market reversal. Analysts expect MASA to rally once the cryptocurrency market shows signs of recovery, supported by the token maintaining itself above the identified support area.
As highlighted in red on the chart, a significant resistance area looms above MASA. This liquidity zone represents a key target for the next bullish push. However, for this scenario to play out, MASA must hold steady above its current support and wait for broader market conditions to shift favourably.
Technical indicators suggest that MASA is in a holding pattern. If the token continues to respect its support area, traders are optimistic about its potential for an upward breakout. The following key move will depend heavily on overall market conditions. Should the market reverse, MASA could be poised for a strong rally, targeting the upper liquidity zone. While the market remains quiet, those watching MASA are patiently awaiting signs of life, hoping that a sustained consolidation will continue the recent breakthrough. However, failure to hold this support level could result in a bearish breakdown, signalling more downside potential.
