Decentraland (MANAUSD) Breaks Out of Oversold State with Bullish Price Action
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MANAUSD Analysis – Market Leaves An Oversold State As Price Action Exhibits Bullish Tendencies
MANAUSD leaves an oversold state as the price action exhibits bullish tendencies. The market has been below the 50.0 level of the RSI (Relative Strength Index) for days until recently. In February 2023, a falling trendline emerged to lead the prices downward. The bears have dominated the market since the inception of the Falling trendline.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.5300, $0.8400
The two major falling trendlines emerged in January and February this year. These trendlines came after a massive rally from the six-month low created at the 0.2850 demand zone. The first trendline emerged when MANAUSD began to show signs of weakness after the expansive move to the upside. At the third bounce of price on the falling trendline, MANAUSD buyers summed up their courage to enter the market. MANAUSD has since then been heading upward into a premium array. The premium array is constituted by an FVG (Fair Value Gap) and a bullish order block below the $5300 price level.
The second trendline emerged as the price reversed to begin the bearish trend in February 2023. From the indication by the RSI, the market was overbought, and a decline was necessary. Since the inception of the second falling trendline, MANAUSD has been bearish on the daily timeframe. The ongoing expansion might end soon as a major resistance awaits at $0.5300. However, should the $0.5300 resistance fail to cause a crash to the downside, the rally might continue toward the trendline.
MANAUSD Expectation
The last bounce off the major trendline has kept the price on a bullish trend on the four-hour chart. MANAUSD is expected to keep heading upward until it reaches the premium zone around $0.5300.
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