Decentraland (MANAUSD) Rises After Immersion at an Oversold Point
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
MANAUSD Analysis: Prices rise after getting immersed in an oversold region
MANAUSD rises after getting immersed in an oversold region. Recently, the market has been losing momentum as prices recover from the oversold region. The drastic loss of momentum could as well be due to an impending change in the market’s direction.
MANAUSD Significant Zones
Demand Zones: 0.4100, 0.3550
Supply Zones: 0.5830, 0.7440
The market is currently rising from the oversold region, as indicated by the Relative Strength Index (RSI). On November 22, 2022, the price began to appreciate as the bears exited the market. Whereas owing to the existing order flow in the market, the market is bound to remain bearish until the major resistance level at 0.7440 is successfully broken. On the first day of June, the bears’ intention was made known in the market as the price was aggressively delivered to the downside, thereby leaving a footprint of the bears in the form of a bearish order block.
The bearish order block created on June 1, 2022, caused a massive downturn ten weeks later. On July 13, 2022, the market managed to make some bullish moves in favor of the bulls, but the selling pressure at the bearish order block caused MANAUSD to flip bearish again. MANAUSD drastically collapsed and was immersed deeply in an oversold region. The same incident as that of June 1, 2022, occurred again on August 26, 2022. The price was delivered downward, leaving a bearish order block that later caused the continuation of the bearish trend.
Market Expectation
On the four-hour chart, MANAUSD just broke out of the rising wedge. The price might keep declining until a discount range is reached. From the discount array, prices are expected to expand upward for a relatively long period on the four-hour chart.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
