Decentraland (MANA/USD) Prepares for Another Phase of Bearish Momentum

Price Analysis: Market Aims to Fill the Fair Value Gap

MANA/USD trajectory took a bearish turn after experiencing a substantial market structure shift in mid-April 2024 as Price transitioned from its initially bullish stance. This led to the creation of a Bearish breaker block as the price suggests a further descent in price.

MANA/USD Key Levels

Demand Levels: $0.3800, $0.2860
Supply Levels:$ $0.5130, $0.6000

MANAUSD found provisional support at the daily breaker block, hinting at a possible continuation of the bearish trend. The current price action reinforces this sentiment, as there is a noticeable uptick in bearish momentum, as the market approaches the $0.3800 threshold. The daily moving average also indicates a bearish outlook, with the price trading below the indicator.

However, the 4-hour chart presents a more clear picture. Despite the clear bearish break of structure as the current price reached the $0.3800 level, the bearish intensity seems to be diminishing. The 4-hour Relative Strength Index (RSI) presents a counter-narrative, signaling an increase in price strength as it emerges from the oversold zone. This suggests that the current bearish momentum might be losing steam, potentially giving way to a bullish correction.

Market Expectation

The anticipated bullish momentum is expected to manifest as a retracement towards the 4-hour Fair Value Gap. The closure of this gap could be a crucial catalyst, providing the market with the necessary momentum to potentially plunge through the $0.3800 demand level.

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