Decentraland (MANAUSD) Hits New Buy Orders As The Market Enters Discount
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MANAUSD Analysis: Price Hits New Buy Orders As The Market Enters Discount
MANAUSD hits new buy orders as the market enters a discount. The price is reluctantly sinking toward the immediate previous uptrend. The RSI (Relative Strength Index) indicates that the price is approaching an oversold state. The price is anticipated to flip bullish once it reaches an oversold state in the discount region.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.7000, $0.8430
As indicated by the MA Cross, the Decentraland was devaluing towards the end of 2022. This became obvious when the Moving Average Period 18 crossed the Moving Average Period 40 to the downside. During the bear run, MANAUSD declined algorithmically as lower highs and lower lows formed. It appeared, however, that the bear run ended in 2022. This is because the final low formed a few hours before the end of the year. The market trended in the opposite direction immediately after hitting the $0.2840 demand level.
As the price boomed, the single act of reversal caused the bears to panic out of the market. While the market has faced a downside since February 2023, MANAUSD still appears bullish. This is due to the current reluctance to make a bearish move. Unlike the exuberant rally in January 2023, MANAUSD is heading downward reluctantly. This implies that the bulls are more eager to drive prices upward than the bears. The price of Decentraland is now close to hitting the optimal trade entry, and the bears might eventually panic afterward.
Market Expectation
MANAUSD sank lower following the breakout from the relative equal lows of $0.5170. The four-hour RSI has already indicated a bullish divergence. This occurred as the RSI posted higher lows against the price chart’s lower lows. Therefore, a reversal from the discount zone is highly probable.
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