Decentraland (MANAUSD) Becomes Bullish
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Market Analysis: Price Draws Toward Liquidity
MANAUSD becomes bullish as it draws to liquidity. The bearish momentum in the market has come to an end as the market structure has shifted to a bullish trend. This is evidenced by the formation of two consecutive higher highs in the price action, which has resulted in the clearing of liquidity around the $0.5340 price level.
MANAUSD Key Levels
Demand Levels: $0.4380, $0.2830
Supply Levels: $0.5340, $0.6950
MANAUSD price appears poised to continue rising after breaking through the liquidity around the $0.5340 level. The Moving Average on the daily timeframe also indicates a strong bullish trend, with the price above its mark.
Moreover, as the price took out the buy-side liquidity, the Relative Strength Index (RSI) reached the overbought region at 70.00 on the daily timeframe, indicating a pause in bullish momentum. Currently, the price is declining, aiming to tap into the liquidity below to further support the bullish price action.
Market Expectation
The current decline in price is expected to clear out the liquidity below and ultimately trigger the order block below $0.4380. Additionally, upon the arrival of the price at the order block, the Relative Strength Index is expected to be oversold to establish a buying confluence.
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