Decentraland (MANAUSD) Approaches Overbought State as Price Aims Into Premium Zone
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MANAUSD Analysis – January 14
MANAUSD approaches an overbought state as the price aims into a premium zone. The market surged past $0.37510 in November 2023, confirming a bullish order flow. However, a bearish order block emerged near $0.55130 as the price broke the diagonal support. The stochastic Oscillator suggests potential overbought conditions when reaching the bearish block.
MANAUSD Key Levels
Demand Zones: $0.60600, $0.57700
Supply Zones: $0.64100, $0.65400
MANAUSD Long-Term Trend: Bearish
A bearish order block formed at some pips below the $0.55130. This occurred as the price crashed into the discount zone, invalidating the diagonal support in the process. The Stochastic Oscillator has yet to indicate that the market is overbought. The market is likely to become overbought once the bearish order block is reached. Before the formation of the bearish order block, MANAUSD failed to form a higher high above the $0.60660 swing high.
The market was actually in a bullish trend until the failed swing. The bullish trend began after the bears failed to invalidate the support at $0.27780. After several attempts to invalidate the $0.27780 support, MANAUSD skyrocketed beyond the control of the bears. The $0.37510 price level was broken and retested. This further confirmed the bullish order flow in the market. The rally continued in fractals until the $0.60660 swing high formed.
MANAUSD Short-Term Trend: Bearish
MANAUSD is heading into the daily bearish order block. Technically, the four-hour high at $0.49620 is vulnerable to being invalidated as the price still keeps skyrocketing. However, the market’s order flow remains bearish as the price is expected to resume its bearish trend from the premium zone.
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