Decentraland (MANAUSD) Fails to Decline Further As Price Consolidates At Discount
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MANAUSD Analysis: Market Fails to Decline Further As Price Consolidates at Discount
MANAUSD fails to decline further as the price consolidates at a discount. The market’s bearish trend ended as the low of the fifth impulse swing formed at $0.2750. According to the RSI (Relative Strength Index), the market is now oversold. A reversal is highly probable from here after the price breaks out of the ongoing consolidation phase.
MANAUSD Significant Zones
Demand Zones: $0.3060, $0.1880
Supply Zones: $0.4350, $0.7000
Following the formation of the swing high at $0.6800 on March 18, 2023, another high formed at $0.7000 a month later. However, owing to the bears’ presence at the $0.7000 psychological level, the market was faced with overwhelming selling pressure. MANAUSD reversed and began a bearish trend, which currently remains the market’s environment. Alongside the emerging falling trendline, MANAUSD steeply approached the discount zone with no significant energetic retracement to the upside. The MA Cross flipped bearish as the market crashed massively from the $0.7000 demand level.
Energetically, the decline continued until the first phase of the impulse swing ended. On May 12, 2023, MANAUSD pulled back upward at the $0.4350 price level. This extended into a correction phase, which lasted into the first week of June. The third impulse began in June 2023, as the price crashed more swiftly. MANAUSD declined heavily, losing about $0.2000 in less than a week. The downtrend has ended as a consolidation phase began after a low formed at $0.2750. A massive expansion to the upside is highly probable as the market leaves the discount zone.
Market Expectation
Following the invalidation of the relatively equal lows on the four-hour chart, MANAUSD headed into the discount zone. According to the RSI indicator, the market is now in an oversold state; therefore, a reversal to the upside is expected from here.
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