Decentraland (MANAUSD) Breaks Market Structure Upward After An Intermittent Retracement
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MANAUSD Analysis: Price Breaks Market Structure Upward After An Intermittent Retracement
MANAUSD breaks the market structure upward after an intermittent retracement to the downside. The break in market structure occurred to the upside after the execution of buy orders at equilibrium. A higher-high was created just above the previous high around the $0.6140 price level.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
Until early this year, the MACD indicator revealed that the bulls could not dominate the market, as the MACD remained below the zero line between September 2022 and January 2023. On the daily chart, the $0.2840 level and $0.8430 act as the major support and resistance, respectively. Due to the upward push from the supply zone at $0.2840, MANAUSD made an aggressive rally to sweep the buy-side liquidity above November’s high.
On January 17, 2023, the MANAUSD buyers began to exit the market as the range was fulfilled. Shown by the decreasing momentum as prices struggled to keep trending upward. After the next two highs, a break of market structure (BMS) occurred to the downside. The break-in structure to the downside marked the beginning of the intermittent retracement. As the retracement began, the double bottom created at the $0.6140 price level was invalidated. The invalidation was due to the influx of sell orders as the market’s environment changed. However, the retracement seems to have ended as the price hit the 50.0% retracement level and headed upward.
Market Expectation
MANAUSD is currently bearish on the four-hour chart as the price keeps forming lower highs and lower lows. However, a reversal is expected as the price breaks the $0.5430 previous low and hits the 79.0% retracement level.
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