Decentraland (MANAUSD) Resumes Bullish Trend
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MANAUSD Analysis – January 21
MANAUSD resumes its bullish trend after a massive breakout from the diagonal resistance. After a sudden upward expansion from the discount zone, MANAUSD faced a brief downtrend. The short-lived decline reversed as price broke diagonal resistance, signaling an impending market structure shift and potential continuation of the upward expansion, possibly invalidating the $0.5520 swing high.
Market Key Levels
Demand Zones: $0.3750, $0.2650
Supply Zones: $0.6070, $0.7000
MANAUSD Long-Term Trend: Bullish
The price made a sudden upward expansion from the discount zone after a long period of accumulation. The upward expansion lasted beyond $0.3750. MANAUSD retracted, bouncing off at $0.3750 before resuming its upward expansion. A bullish order block formed as MANAUSD geared into resuming the upward expansion from the $0.3750 price level. In fractals, the upward expansion continued until the price entered the supply zone at $0.6070.
The subsequent downtrend, however, only lasted for a while. The short-lived decline was a result of the prices’ reaction to the bullish order block, which formed at the $0.3750 demand zone. The short-lived decline ended as MANAUSD reversed, breaking the diagonal resistance that was earlier hindering the bulls during the decline. A market structure shift is bound to happen as the price keeps making expansive moves to the upside. The upward expansion is likely to continue, leading to the invalidation of the $0.5520 swing high.
MANAUSD Short-Term Trend: Bullish
After a tap into the sell-side liquidity below the four-hour low at $0.4420, the market direction flipped bullish. MANAUSD is currently making a fractal move to the upside. A tap into the FVG (Fair Value Gap) at $0.4700 is likely to lead to an expansive rally.
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