Decentraland (MANA/USD) Trends Are Bearish
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Price Analysis: MANAUSD Bearish Trend Commences as Price Respects the Daily Order Block
The MANA/USD pair has recently shown a clear shift toward bearish momentum, with significant market developments signaling a potential downside. This bearish movement was initiated by a break of structure that took place in early August 2024. Following this structural shift, the price action formed a series of higher highs and higher lows, suggesting a bullish retracement phase within the overall downtrend.
MANA/USD Key Levels
Demand Levels: $0.2450, $0.201
Supply Levels: $0.2900, $0.3730
In recent market behavior, MANA/USD has developed a head and shoulders pattern—an indicator that often signals a potential reversal. This pattern is reinforced by a bearish order block on the daily timeframe, where the price has respected this zone, strengthening the bearish outlook. This combination of technical patterns suggests that sellers are gaining control and that the retracement phase may be over.
Technical indicators further support this bearish bias. The daily Relative Strength Index (RSI) reflects a significant decrease in momentum, indicating fading buying pressure. Additionally, the Daily Moving Average shows a bearish signal as the price has fallen below this indicator, aligning with the broader downward trend.
On the 4-hour timeframe, price action is exhibiting aggressive declines with minimal retracement, emphasizing strong bearish control in the short term.
Market Expectation
Looking ahead, MANA/USD is anticipated to test and potentially breach the $0.2450 support level. If this level is broken, further downside could see the price targeting the $0.2010 region.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
