Decentraland (MANAUSD) Sets to Conclude Its Motive Wave As Price Approaches $0.4830
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MANAUSD Analysis: The Market Sets to Conclude Its Motive Wave As Price Approaches $0.4830
MANAUSD sets to conclude its motive wave as the price approaches $0.4830. The market’s direction has been in line with the emerging falling trendline. The falling trendline emerged on February 1, 2023, after an exuberant rally into the $0.8430 supply zone. Following the conclusion of the bearish motive trend, the correction wave might still extend the price into the discount zone.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.7000, $0.8430
It has been almost one year since Decentraland has been trading within the $0.8430 and $0.2840 price levels. Following the breakout from the previous support of $0.7000, MANAUSD declined profusely in fractals. The first impulse raged downward until the $0.4280 support broke. The third wave began after the retest of $0.4280 after the first impulse ended. The downtrend ended at the $0.2840 demand zone as the selling momentum deteriorated.
An expansive move emerged following the conclusion of the downtrend. This expansive move led the price into the 0.7000 supply zone. After this, the bears began to distribute Decentraland in the premium zone. The ongoing downtrend emerged after the conclusion of the distribution phase at the premium zone. MANAUSD is currently at the final impulse as the price heads into the discount zone. A correction phase is likely to occur soon, and this might lead the price further into the demand zone of $0.4280.
Market Expectation
The price of Decentraland is ranging within a triangle pattern on the four-hour chart. The triangle pattern began on April 26, 2023, as the selling pressure started reducing. A false breakout from the triangle pattern and probably from the $0.4830 previous low is anticipated as the downtrend ends.
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