Decentraland (MANAUSD) Heads To Premium As The Price Fails To Sink Lower
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MANAUSD Analysis: Market Heads To Premium As The Price Fails To Sink
MANAUSD heads to premium as the price fails to sink lower. Since the neckline of the head and shoulders pattern was broken in March 2023, MANAUSD has been typically bearish. Despite the intermittent extreme retracements to the upside, the overall trend remains bearish. Another retracement is currently ongoing; however, the market’s downtrend is likely to resume as the price enters the premium zone.
MANAUSD Significant Zones
Demand Zones: $0.2750, $0.1890
Supply Zones: $0.4480, $0.8430
Following a massive expansion to the upside as the year 2023 began, the buying momentum of MANAUSD decreased as the price reached the premium zone. At $0.8430, a head and shoulders pattern formed. A massive crash ensued immediately after the formation of the head and shoulders pattern. The crash caused a significant reduction in the value of Decentraland until the price reached the psychological level of $0.5000.
Entering the liquidity void at the psychological level, MANAUSD surged upward in fractals. However, the massive rally into the premium ended after a month as the bulls exited the market. As the downtrend continued, the market broke and retested the $0.4480 on June 4, 2023, and July 14, 2023, respectively. After several breakouts from some minor support levels, the current swing low of MANAUSD is at $0.2750.
Market Expectation
On the four-hour chart, a buy-side liquidity (BSL) grab is likely as the price heads upward. After the buy-side liquidity grab, a sell-side liquidity grab is also likely to occur at the weak $0.2900 low. Following the invalidation, a massive rally is expected to ensue as MANAUSD expands to the premium before the downtrend continues.
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