Decentraland (MANA/USD) Bearish Trend Encounters a Pause
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Price Analysis: Market Experiences a Bullish Phase
After experiencing a notable peak in mid-March 2024, the MANA/USD pair has continued to exhibit a bearish trend. A significant downturn was marked by the price’s descent from the $0.4800 threshold, which subsequently transformed the $0.3720 level from a support to a resistance point. As the downtrend progressed, the price aimed for the established trend line support. However, it encountered an obstacle at the $0.2530 support level, which impeded its fall and prompted a price retracement.
MANAUSD Key Levels
Demand Levels: $0.2530, $0.1200
Supply Levels: $0.3720, $0.4800
The current rebound is expected to encounter a ceiling at the intersection of the trend line resistance and the $0.3270 resistance level. The Daily Relative Strength Index (RSI) suggests an increment in price strength as it approaches the 70.0 region, typically associated with an overbought condition. This development leads to a forecast of a potential downturn once the RSI hits or surpasses the 70.0 threshold, indicating an overstretched bullish momentum.
Zooming into the 4-hour chart, there is an anticipation that the price will make an attempt to gather liquidity above the current levels, primarily targeting the $0.3270 resistance. The 4-hour RSI supports this outlook by showing a climb into the overbought territory, which could reinforce the likelihood of the bearish trend resuming.
Market Expectation
MANA/USD suggests a potential downturn in the near future. The recent rebound is expected to face resistance at the intersection of the trend line and the $0.3270 level. Further Bearish trend is anticipated to fall through $0.2530 reaching the $0.4800
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