Decentraland (MANAUSD) Remains Bearish As Buyers Exit The Market At Diagonal Resistance
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MANAUSD Analysis: The Market Remains Bearish As Buyers Exit The Market At Diagonal Resistance
MANAUSD remains bearish as buyers exit the market at the diagonal resistance. The buying momentum of the market fails to increase despite the ongoing recovery phase from the oversold state. As per the RSI (Relative Strength Index), the market was in an oversold state as of last week. However, MANA/USD market participants remain pessimistic as the price fails to invalidate major resistance levels.
MANAUSD Significant Zones
Demand Zones: $0.3060, $0.1880
Supply Zones: $0.4350, $0.7000
The price rejection from the $0.7000 demand zone brought the price rapidly into an oversold state. Following a significant displacement to the downside, MANAUSD aggressively declined without a significant retracement until it formed a low at $0.4350. The formation of the low eventually led to a significant retracement, which ended after a month. Due to the market’s overall direction, the downtrend resumed. According to the MA Cross, the market’s trend was bearish. Owing to the decline in the premium zone, the crash extended into the demand zone at $0.3060.
At the $0.3060 demand zone, another significant retracement ensued, bringing the price back to the $0.4350 level. After the retracement, which lasted for more than a month, the market flipped back to its bearish move. The downtrend continued along the major trendline until the support at $0.3060 failed to push the price upward. After the formation of a weak high at $0.3020, which was below the $0.3060 support, the market crashed downward. A buy-side liquidity grab has occurred above the $0.3020 weak high, and MANAUSD will likely resume its downtrend from here.
MANA/USD Market Expectation
On August 31, 2023, as the market experienced a decline, a bearish order block formed below $0.3060, indicating a break in structure. This four-hour bearish order block emerged. Following the break of structure at the $0.2750 low, MANAUSD surged upward, invalidating the $0.3020 high as it hit the diagonal resistance. After the price enters the bearish order block, MANAUSD is expected to return downward as it resumes its bearish trend.
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