Decentraland (MANAUSD) Resumes Bearish Trend as Price Enters Premium Zone
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MANAUSD Analysis: Market Resumes Bearish Trend As Price Barely Enters The Premium Zone
MANAUSD resumes a bearish trend as the price barely enters the premium zone. The MA Cross has just made a bearish cross as August began. The MA Cross gave the sell signal after the retraction from equilibrium. The downtrend is likely to continue since the overall trend remains bearish.
MANAUSD Significant Zones
Demand Zones: $0.3660, $0.3060
Supply Zones: $0.4480, $0.5400
In the early phase of the emerging downtrend, a bearish order block formed in February 2023. The crash extended downward as it sank deeply into the discount zone. MANAUSD eventually formed a low at $0.4830 as the price pulled upward to return to the bearish order block. Following the tap into the bearish order block, the bears resumed entering the market. MANAUSD declined swiftly and more rapidly to invalidate the $0.4830 low. The invalidation happened on May 8, 2023, and the price formed another low at $0.4350 on May 13, 2023.
Following the formation of the low at the $0.4350 price level, the price expanded upward into the $0.5400 supply zone. A retraction at the $0.5400 supply zone brought the price downward as the bearish trend resumed. The ensuing downtrend was massive, as no single bullish marubozu candlestick formed until the price hit the $0.3060 support. The market made an upward correction from the $0.3060 support until MANAUSD retested the $0.4480 price level. Following a short-term retracement that might occur soon as per the Stochastic Oscillator, MANAUSD is likely to resume its bearish trend.
Market Expectation
Following the decline from the four-hour bearish order block, MANAUSD has been under overwhelming selling pressure. The bearish trend is anticipated to persist after attempting to acquire buy-side liquidity above the $0.3870 short-term high during the rally.
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