Decentraland (MANAUSD) Falls As The Price Hits $0.43330 Resistance
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MANAUSD Analysis: The Market Falls As The Price Hits $0.43330 Resistance
MANAUSD falls as the price hits $0.43330 resistance. The market has been algorithmically declining on the daily chart for months now. As indicated by the MACD (Moving Average Convergence Divergence), the bears have more control over the market than the bulls. Currently, the price seems to be heading towards the diagonal resistance, which is still valid in the market.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.4330, $0.7000
The market has been declining between diagonal support and diagonal resistance for quite a while. The last bounce off the diagonal support caused an expansive move last month. As it appears, MANAUSD might continue upward until the diagonal resistance is reached. Before the expansion, a bullish order block formed in June 2023. The bullish order block will likely cause further price expansion against the diagonal resistance. In March 2023, after the price returned from the $0.7000 level, MANAUSD headed downward to hit diagonal support.
After the hit, MANAUSD rallied to sweep the buy-side liquidity above the $0.6800 high. Following the liquidity grab, prices crashed massively, breaking the market’s structure. The algorithmic decline continues until the diagonal resistance is hit. The bulls were absent from the market, as revealed by the MACD indicator. Throughout May and June 2023, the MACD was below the zero line. However, owing to the recent surge in price, the zero line has now been crossed to the upside.
Market Expectation
MANAUSD is currently rallying along a diagonal support line. The market’s direction is bullish on the four-hour chart. However, the selling pressure from $0.4330 seems to push the price to the downside. Invalidation of the diagonal support and the $0.3520 low will likely occur first before the rally continues.
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