Decentraland (MANAUSD) Breaks Out of Oversold Region, Entering Bullish Territory
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MANAUSD Analysis – Market Leaves the Oversold Region As Price Hits the Bullish Order Block
MANAUSD leaves the oversold region as the price hits a bullish order block. Even as the bulls’ presence is becoming obvious in the market, the overall trend remains bearish. The rejection at the bullish order block is likely to keep causing a rally toward the falling trendline.
MANAUSD Significant Zones
Demand Zones: $0.2840, $0.2000
Supply Zones: $0.5400, $0.8430
The bullish order block was created during the price reaction toward the $0.2840 price level. An upward price delivery occurred, and the bullish order block was formed. The rally continued with the creation of imbalances. The imbalances were, however, later filled during the return of prices to the downside. According to the MA Cross, MANAUSD deteriorated in momentum as the distribution phase set in. This was during the Stochastic’s indication of an overbought region. The indication was likely to have been the cause of the emergence of the distribution phase.
As the distribution phase set in, MANAUSD made a UTAD (Upthrust After Displacement). After which, the market downturn began alongside a falling trendline. A massive crash ensued at the second bounce of the price off the falling trendline. The previous support was broken, and more orders were filled. The Moving Average Period 18 has crossed the Moving Average Period 40 on the daily chart, indicating that bears are currently dominating the market. However, a retracement to the upside might occur anytime soon.
Market Expectation
The upward retracement, or total reversal, has already begun on the four-hour chart. According to the Stochastic Oscillator, MANAUSD is likely to keep heading upward as it leaves the bullish order block.
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