Decentraland (MANA/USD) Experiences a Bullish Reversal
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Price Analysis: MANAUSD Undergoes a Bullish Reversal as it Aims the Supply Levels
The MANA/USD pair has recently exhibited bullish momentum, breaking a previously established bearish market structure. Initially, the pair was trending downward, characterized by the formation of successive lower lows. However, upon reaching the significant support level at $0.2340, MANAUSD underwent a bullish reversal. The price structure shifted notably in late September when the first bullish break of structure (BoS) occurred, signaling a potential change in market direction.
MANA/USD Key Levels
Demand Levels: $0.2790, $0.2340
Supply Levels: $0.3500, $0.3990
Following this initial bullish breakout, the market experienced a bearish retracement, which was technically corrective in nature. The retracement found strong support at the $0.2790 level. This price point acted as a springboard for the subsequent bullish push, further confirming the break of structure. This level’s ability to hold during the pullback reflects the growing demand and serves as a key level of interest for future price action.
At present, MANAUSD is undergoing another pullback, visible more clearly on the 4-hour timeframe. A failed high has formed, suggesting the presence of resistance and a temporary slowdown in the bullish trend. Additionally, the Relative Strength Index (RSI) on the 4-hour chart points to declining momentum, further supporting the ongoing bearish retracement. Despite this short-term bearish pullback, the overall market bias remains bullish, as indicated by the daily Moving Average, which shows the price trading above this key indicator, adding further confluence to the broader uptrend.
Market Expectation
It is anticipated that this bearish pullback will extend towards the daily bearish order block, where significant buying pressure is expected to emerge. This zone is crucial as it is likely to act as a launch point for the next bullish wave, targeting a breach of the $0.3500 level and potentially higher.
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