Decentraland (MANAUSD) Bears Prepare As Price Returns to Bearish Order Block
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MANAUSD: Bears Get Prepared As Price Returns Into Bearish Order Block
MANAUSD bears get prepared as the price returns to the bearish order block. Following the rejection at the $0.8430 supply level, the market’s character changed to a bearish one. This was additionally prompted by the need to balance the sell-side’s inefficiency.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
The Moving Average Convergence Divergence (MACD) made a swift reversal in the second half of November 2022. However, MANAUSD continued its bearish move as it headed deeper into the discount. The divergence between the movement of price and that of the MACD indicated that a change of character was impending. The selling pressure finally got exhausted after a complete immersion in the discount. After this, the change in character eventually occurred to the upside as the year 2023 began. As a result of the divergence and the influx of buy orders at the discount, the price expanded exuberantly upward.
A sudden exhaustion of the buying pressure occurred as the price flew upward into the premium. Apart from the price entering the premium zone, the invalidation of the previous long-term high also contributed to the exhaustion. MANAUSD made a final rally toward the $0.8430 supply level with three close consecutive highs. Following the reaction of the price towards the $0.8430 supply level, a distribution phase ensued and the market flipped bearishly. The bearish trend is likely to continue after the price returns to the bearish order block at the premium.
Market Expectation
The market’s environment is bullish on the four-hour chart as breaks of structures keep occurring to the upside. MANAUSD is expected to keep expanding upward until the price reaches the daily bearish order block.
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