Decentraland (MANAUSD) Falls as the Market Respects the Bearish Order Block
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MANAUSD Analysis: Price Falls As The Market Respects The Bearish Order Block
MANAUSD falls as the market respects the bearish order block. The bearish order block formed at $0.5300 as the price crashed heavily after a short consolidation period. The direction of the market is now bearish. This bearish move began after a distribution phase above the $0.7000 psychological level.
MANAUSD Significant Zones
Demand Zones: $0.4830, $0.2840
Supply Zones: $0.7000, $0.8430
The last half of 2022 was a time of consolidation, until November. MANAUSD aggressively descended the crest until reaching the support level of $0.284. While the descent continued, an intermittent high formed at the $0.4280 price level. Due to the buying pressure at the $0.2840 price level, MANAUSD went up. Major resistance, including the intermittent high of $0.4280, was broken as the aggressive expansion ensued.
A double top has formed at the $0.4280 price level. The price needed to run through the buy-side liquidity. Amidst the buying pressure, the bears invaded the market and caused the buying momentum to deteriorate after breaching the $0.7000 price level. A head-and-shoulders pattern formed above $0.7000. The head-and-shoulders pattern indicated that the bears were about to subdue the market. Since the breakout of the neckline to the downside, the market has been descending downward.
Market Expectation
As the MACD (Moving Average Convergence Divergence) heads to the zero line, MANAUSD continues downward on the four-hour chart. The downward trend will likely continue until a BOS (Break Of Structure) occurs at the $0.4350 price level.
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