Decentraland (MANAUSD) Prepares for Long-term Upward Correction from Demand Zone
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
MANAUSD Analysis: The Market Sets To Begin A Long-term Upward Correction From The Demand Zone
MANAUSD sets to begin a long-term upward correction from the demand zone. Following the creation of the three-month low on May 12, 2023, the market surged. The upward surge is engineered to drive prices to the upside until reaching the premium. The market is likely to keep heading upward for a relatively long period.
MANAUSD Significant Zones
Demand Zones: $0.4830, $0.2840
Supply Zones: $0.6800, $0.8430
MANAUSD is currently in a correction wave alongside the third emergent diagonal support since the beginning of the downtrend. The first trend was broken on February 9, 2023, as the market structure shifted to the downside. Before this diagonal support was broken, the market structure was in an uptrend. The price was expanding incredibly with no regard to any resistance below the $0.6800 price level. Coincidentally, the incredible rally started as 2023 began after the price hit the major support of $0.2840.
Following the invalidation of the first diagonal support and the breakout from the upside, a downturn began. MANAUSD algorithmically continued descending the crest. A lower high formed at the $0.7600 price level after a short-term correction upward. A swift crash to the downside occurred afterwards until another correction occurred to the upside again. Another lower high formed at the $0.7000 price level, after which the recent three-month low formed. As the price continues alongside the diagonal support, the $0.5310 high will likely get broken.
Market Expectation
MANAUSD is currently within a consolidation pattern on the four-hour chart as it gyrates about $0.4830. As the price sweeps the liquidity above the immediate previous high, MANAUSD is expected to keep rising.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
