Decentraland (MANAUSD) Sellers Prepare To Go Short As Price Leaves Distribution Phase
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MANAUSD Analysis – Sellers Prepare to Short as Price Leaves Distribution Phase
MANAUSD sellers prepare to short as the price exits the distribution phase. A massive expansion occurred as prices left the discount zone as the year 2023 began. Due to the expansive move, the market’s environment is now bullish.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
The market was extremely bearish throughout the second half of last year. This could be a result of the massive crash as prices broke out from the diagonal support. The diagonal support lasted between June 18, 2022, and August 26, 2022, as it kept the price from diving further downward. On August 14, 2022, the price was faced with an influx of sell orders, which eventually flipped the market bearish as the diagonal support also failed to reject the price to the upside. More MANAUSD sellers stormed the market and rode prices into an oversold region, as indicated by the Relative Strength Index (RSI).
The MANAUSD sellers seemed to have left the market until the Relative Strength Index (RSI) revealed a bearish divergence as it formed lower highs and the price formed higher highs. MANAUSD is currently at a premium, and a correction or total reversal is about to occur. Currently, the market’s trading range is defined by the $0.2840 and the $0.8430 price levels. Algorithmically, the price might have to move from the premium to the discount and back to the premium. The 62% Fibonacci retracement level, which is also at the $0.4280 price level, might likely reject further declines as the price rebalances the liquidity void.
Market Expectation
On the four-hour chart, the market’s structure has been shifted to the downside. However, a retracement into one of the premium arrays below the $0.8430 resistance is needed to confirm the bearish order flow. After the confirmation, MANAUSD sellers are expected to storm the market as the price crashes massively to the downside.
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