Decentraland (MANAUSD) Accumulates Buys
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Market Analysis: MANAUSD to Resume the Initial Bullish Trend
MANAUSD accumulates buys to resume the initial bullish trend. Buyers encounter a slight resistance in late December 2023. This caused a breach in the bullish trend line giving sellers momentum. However, the seller’s momentum came to an end as sellers failed to push prices lower.
MANAUSD Key Levels
Demand Levels: $0.4230, $0.3020
Supply Levels: $0.6100, $0.7020
Price initially rose from the $0.3020 demand level, creating a bullish trend to surpass the $0.6100 supply level. However, upon reaching the $0.6100 level, the price crashed and breached the bullish trend line. The $0.42300 demand level then provided support, preventing further price decline (Failed low).
The Moving Average is signaling bullishness as the current price is trading above it. The $0.4230 demand level has been retested multiple times, indicating that the price is holding above this level. On the 4-hour timeframe, there is strong liquidity indicated which is attracting price towards it, adding to the bullish bias.
Market Expectation
The market is expected to take out liquidity in the 4H timeframe thereby also indicating a structure break. The anticipated target for the forex signals is the $0.6100 demand level being taken out.
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