Decentraland (MANAUSD) Heads Into Discount As Price Leaves Bearish Order Block
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MANAUSD Analysis – Market Heads Into Discount As Price Leaves Bearish Order Block
MANAUSD heads into a discount as the price leaves the bearish order block. Price tapped into the daily bearish order block after the buy-side liquidity grabs above the $0.6800 swing high. The market’s response to the daily block of negative orders is what sparked the current bearish trend.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
The market’s overall order flow has been bullish ever since the start of the upswing in January 2023. More supports need to be broken, despite the bears’ apparent desire to push the market down. The current trading range for the market is between the $0.8430 supply level and the $0.2840 demand level. Since the market is currently above equilibrium, a further decline is still very probable. When the equilibrium is broken and the price continues downward, MANAUSD buyers might storm the market again.
The market was in a bearish environment until the rise started in January 2023. MANAUSD turned bearish as the price veered lower after making the $0.7440 swing high, according to the Moving Average. The value of Decentraland decreased fractally between November 5, 2022, and December 30, 2022. The Stochastic Oscillator suggested that the price had severely dropped into an oversold state. Right now, the market appears to be in a pullback phase as it approaches the discount region.
Market Expectation
On the four-hour chart, the market displayed structural breaks as prices rose in fractal patterns. However, because of the character change (CHOCH) that took place on April 19, 2023, MANAUSD is currently bearish. Before the decline continues, a retracement into the four-hour Fair Value Gap (FVG) is anticipated.
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