Decentraland (MANAUSD) Keeps Declining as Breaks in Structure Continue Downward
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MANAUSD Analysis – The Market Continues to Fall as Structural Breaks Continue to Point Downward
MANAUSD keeps declining as breaks in structure continue downward. The market is typically characterized by breaks in structure to the downside. As revealed by the MA Cross and the Moving Average Convergence Divergence, the market’s direction is bearish.
MANAUSD Significant Zones
Demand Zones: 0.3710, 0.3000
Supply Zones: 0.5830, 1.1290
The bulls seem to have completely exited the market since the reaction in price at the bearish order block on November 5, 2022. This daily bearish order block was formed as the price continued downward from the 1.1290 supply zone on September 18, 2022. Though a bit of retracement happened as November rounded up, this retracement only lasted until the –50% Fibonacci retracement level was retested. On May 9, 2022, MANAUSD sank into the depths until the 1.1290 price level was broken to the downside. From this point, the market kept flipping upward and downward until the 1.1290 price level was hit and retested in favor of the bears.
After the 1.1290 price level was hit and retested on August 14, 2022, a change of character (CHOCH) occurred to the downside. The market flipped bearish, and the price continued in that direction. Within the trading range defined by the 1.1290 price level and the 0.5830 price level, MANAUSD filled up the sell orders at the bearish order block and resumed the market’s order flow without entering into the premium. The 0.3000 price level might, however, be a target zone for the bears since it is a psychological level and it coincides with the –100% Fibonacci retracement level.
Market Expectation
Since the swing high created on December 6, 2022, the MANAUSD has been characterized by consistent breaks of structure to the downside. With prices balancing out the inefficiencies along the way to the downside, the market might continue to fall.
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