Decentraland (MANAUSD) Heads Into a Daily Bearish Order Block
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MANAUSD Analysis – Price Heads Into a Daily Bearish Order Block
MANAUSD heads into a daily bearish order block. The market’s order flow is bearish. MANAUSD has been going in a downward direction for a very long time. Coupled with the market’s major trendline, MANAUSD doesn’t appear to be flipping bullish anytime soon.
MANAUSD Significant Zones
Demand Zones: 0.3790, 0.3550
Supply Zones: 0.4770, 0.6220
In May 2022, MANAUSD entered the previous demand zone at the $0.6220 price level. The immediate reaction of the price toward the previous support level of $0.6220 caused the bulls to storm the market with their buy orders, thereby creating a tug-of-war with the bulls in the market. Price continued above the previous support level and eventually rallied within two transversal lines. The transversal lines were later invalidated, and the price continued its bearish move to strike the $0.6220 price level again until it got broken.
Just before the previous support at the $0.6220 price level got broken, the price was already converging within a triangle pattern. This triangle pattern was made up of the major trendline and the previous support of $0.6220. Once the previous support at $0.6220 got broken, the price aggressively dived downward, leaving traces of the bears’ deliberate move to crash the market with their large selling power. MANAUSD continued downward until the demand zone of $0.3550 was reached. As indicated by the Moving Average and the Relative Strength Index, MANAUSD is currently heading upward into the daily bearish order block.
Market Expectation
On the four-hour chart, the continuous breaks of the market structure to the downside before the $0.3550 demand zone was reached indicated that the bears were in control of the market. Once the previous high reached on November 19, 2022, is invalidated, buy-side liquidity will be grabbed, and MANAUSD will likely head into the bearish order block before resuming the downtrend.
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