Decentraland (MANAUSD) Undergoes Bullish Retreat
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Market Analysis: Price Undergoes Bullish Retreat
The price of MANAUSD crashed aggressively after the formation of a high created in early February 2023. The market structure formed significant lower lows which established a bearish break of structure (BOS). With the BOS the downward trend was set to deliver for the previous year.
MANAUSD Key Levels
Demand Levels: $0.2600, $0.3700
Supply Levels: $0.4800, $0.7000
MANAUSD break of structure drove to the $0.2600 demand level. The market experienced a bullish reversal at the support zone. This lead to the formation of new Higher highs.
The upward trend seems to draw towards the Fair Value Gap below $0.7000. The ascent aims to close the Fair Value Gap while taking out liquidity(previous lower highs). The price recently swept the liquidity above $0.4800. A minor retracement is therefore being anticipated.
The bullish order block above $0.3700 is anticipated to provide support for the current uptrend. The Moving Average (MA) also indicates support for the ascent as the current price is above the MA.
Market Expectation.
On the daily time frame price is expected to fill the Fair Value Gap below $0.7000. On the 4H time frame, the price is expected to find support at the nearby order block while clearing any liquidity close by. For further confluence, as price retraces to the order block the Relative Strength Index should be around the 30.0 oversold region for an optimal trade entry.
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