Decentraland (MANAUSD) Stays Bearish with MACD Below Zero
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MANAUSD Analysis: Price Remains Bearish as MACD Crosses Below Zero Line
MANAUSD remains bearish as MACD crosses below the zero line. Due to the price’s reaction at the FVG and the lower timeframe bearish order block, MANAUSD has been descending the crest.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
Until the beginning of the year, the market was completely dominated by the bears. According to the Moving Average Convergence Divergence (MACD), the zero line was a holy grail throughout the last quarter of the year 2022. As MANAUSD kept declining and descending the crest, the $0.4280 was broken and retested. The selling pressure after the retest caused the price to plunge even further. This led to the continuous downward flow of prices into the demand zone at the $0.2840 price level. On December 30, 2022, the bears finally took profits after a long period of decline. The profit-taking led to the creation of the long-term low at the $0.2840 price level.
Price rallied rapidly as a result of the bears’ exit from the market. However, this was only for a moment, as the bears stormed the market again at a premium. During the aggressive rally, MANAUSD created a liquidity void that must necessarily be filled in the future. The liquidity void seems to be getting filled as prices embark on closing the range. Following the formation of the double bottom, the price expanded upward into the fair value gap, after which the double bottom got invalidated. The MACD has again signaled a sell as it crossed the zero line to the downside.
Market Expectation
The market’s order flow is bearish on the four-hour chart. However, because the market is already at a discount, a retracement to the upside is possible. Nevertheless, MANAUSD is expected to continue its bearish flow once the upward retracement ends.
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