Decentraland (MANAUSD) Continues Upward Amidst Second Major Correction
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MANAUSD Analysis: Price Continues Upward As It Makes Its Second Major Correction
MANAUSD continues upward as it makes its second major correction. Following the third bounce off the diagonal support, the market’s direction has been bullish on the daily chart. Price recently made a return into an FVG (Fair Value Gap), which further propelled the expansion to the upside. Since the overall trend is bullish, the upward expansion is likely to end any moment from now.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.5300, $0.8400
Since the conclusion of the previous bullish upward trend, the overall market’s order flow has been bearish. From the indication of the overpriced state of MANAUSD, the bears seized control of the market. According to the MA Cross, the market flipped bearish as the Moving Average period 18 crossed that of Period 40 to the downside. The first phase of the downward trend lasted until the $0.4830 price level was reached. Before the inception of the downtrend, the price made an aggressive rally to the upside.
This aggressive rally in the previous market trend caused the creation of a liquidity void in January 2023. During the first phase of the downtrend, MANAUSD declined exuberantly into the liquidity void. An intermittent rally ensued afterward, making up the first correction phase in the downtrend. At $0.7000, MANAUSD was met by overwhelming sell orders at the psychological level. This brought about the third wave, which lasted for almost two months. The market is now in another correction phase as it heads upward to hit the diagonal resistance.
Market Expectation
After hitting the FVG, MANAUSD rose upward as the MA Cross also signaled a buy on the four-hour chart. The previous high created at $0.4330 is likely to be invalidated as the market continues upward.
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