Decentraland (MANAUSD) Price Dips as Bulls Prepare to Push it Higher
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MANAUSD Analysis: Market Sinks Lower As The Bulls Get Ready To Drive Price Upward
MANAUSD sinks lower as the bulls prepare to drive the price upward at the discount zone. An upward move is ongoing as the price rises from the effect of the bounce at the diagonal support. Prices have been declining along the falling trendline since February 2023. However, though most likely for a short time, an upward trend has emerged in favor of the bulls.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.4330, $0.5300
After a drastic upsurge in January 2023, MANAUSD came crashing down. The cause of the surge can be attributed to the bouncing effect on the $7850 support. A liquidity void was created as the market exuberantly skyrocketed. The surge ended as the MA Cross, and a sell signal was given as the market crashed from the $0.8000 psychological level. This marked the end of the uptrend as more bulls pessimistically exited the market.
The price return from the premium zone and back below the $0.5300 resistance shows that the bears are now in control. However, while the bears are in control of the market, the bulls have succeeded in causing a pullback to the upside. Price keeps declining in fractals as it moves from discount to premium and vice versa. Following the bounce at the diagonal support, the buyers stormed the market, further extending the retracement. MANAUSD will likely continue heading upward as an inducement is about to happen below the previous low of $0.3520.
Market Expectation
During the rally from the major trendline, a four-hour bullish order block formed. Currently, the price ranges between the $0.4330 resistance and the bullish order block. An inducement into the bullish order block is expected to trigger further upward expansion in the bulls’ favor.
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