Decentraland (MANAUSD) Returns Again To The Bearish Order Block
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MANAUSD Analysis: Price Returns Again To The Bearish Order Block
MANAUSD returns to the bearish order block as the price failed to break the previous low at $0.4350. The market’s bias has been negative since the swing high at $0.8430 formed. The price has also been diving algorithmically downward without much momentum.
MANAUSD Significant Zones
Demand Zones: $0.4830, $0.2840
Supply Zones: $0.7000, $0.8430
Before the upsurge that took the price into the $0.8430 supply zone, the market trended downward. The bearish trend brought prices into the discount zone, where the year’s low formed. Since the creation of the low at the $0.2840 price level, the market has never returned to the low level. MANAUSD skyrocketed and caused the sellers to panic as their stops got hit. The expansion of the Bollinger Bands indicated that the bulls had aggressively stormed the market. However, the upsurge calmed as the price approached the $0.8430 supply zone.
Currently, the trading range of the market remains within the $0.2840 and $0.8430 price levels. The market has been in a bearish environment since February 2, 2023. The expansion into the $0.8430 supply zone met with huge selling pressure. This was indicated as the day closed with a bearish marubozu candlestick. As shown by the RSI (Relative Strength Index), MANAUSD just entered the oversold region in the second week of this month. The last time the oversold region was reached was five months ago when last year’s low formed.
Market Expectation
MANAUSD is currently skyrocketing on the four-hour chart. According to the RSI, the market is heading into an overbought region. Possibly, when it reaches the overbought region, the downtrend from the daily bearish order block will continue.
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