MANAUSD (Decentraland) Hits a Notable High
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Market Analysis: MANAUSD Signals a Potential Reversal
MANAUSD experienced a substantial surge, climbing to significant highs. However, upon reaching the high of $0.8300, the bullish momentum came to a halt as signs of reversal began to appear.
MANAUSD Key Levels
Demand Levels: $0.5710, $0.1420
Supply Levels: $0.7110, $0.8300
At the start of March 2024, the price broke through the market structure in a bullish manner, establishing higher highs and higher lows. The bullish momentum carried the price above the initial supply level of $0.7110. However, the upward movement halted at $0.8300, leading to a reversal. Price found support at $0.5710 as it rose, but failed to create new higher highs, forming a classic head and shoulders reversal pattern.
The reversal pattern is expected to lead to a decrease in price, as the Daily Moving Average signals a bearish price action with the market trading below it. A retracement is likely to occur as the 4-hour chart indicates bullish momentum is building up to the Fair Value Gap (FVG) due to a slight change in market structure.
Market Expectation
The previous bullish break of structure in early March 2024 indicates an overall bullish price action. It is anticipated that the decline will not surpass the $0.1420 demand level to maintain the prevailing bullish trend. Otherwise, it’s possible to anticipate long-term bearish forex signals
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