Decentraland (MANAUSD) Sets To Rally As Price Forms Base At Demand Zone
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MANAUSD Analysis: Market Sets To Rally As Price Bases At Demand Zone
MANAUSD sets to rally as price forms a base at the demand zone of $0.3060. However, the market’s overall trend is still bearish, which implies that the rally might last for only a short time. As of now, the trading range of the market lies between the $0.4480 high and the $0.2750 low. As the market leaves the oversold state, a retracement into the consolidation zone at the equilibrium level becomes probable.
MANAUSD Significant Zones
Demand Zones: $0.3060, $0.1880
Supply Zones: $0.4350, $0.7000
The market’s overall trend began after the buy-side liquidity swept above the old high of $0.6800. On April 20, 2023, MANAUSD declined aggressively as the price hit the stops above the old high of $0.6800. Creating a major high at $0.7000, the decline sank the price lower until the first bullish retracement at $0.4350. Despite the retracement lasting only for a short time, two higher highs formed at $0.5310 and $0.5400.
The decline resumed momentarily after the buy-side liquidity swept above the $0.5310 high. In less than a week, the value of Decentraland has hit $0.3060. Owing to the oversold state of the market, according to the RSI (Relative Strength Index), a bullish retracement ensued. Following another buy-side liquidity sweep, a new high formed at $0.4480 as the price entered the $0.4350 supply zone. After the formation of the recent low, a consolidation began as MANAUSD buyers stormed the market in the $0.3060 demand zone.
Market Expectation
Following the price drop from the consolidation of around $0.3750, MANAUSD failed to continue declining as it entered the $0.3060 demand zone. A four-hour swing high is at $0.3180, and the price is expected to invalidate the high as it leaves the demand zone.
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