Decentraland (MANAUSD) Surges As Price Leaves The Oversold Region
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MANAUSD Analysis: Market Surges Upward As Price Leaves The Oversold Region
MANAUSD surges as the price leaves the oversold region. The market’s decline paused as prices entered the oversold region in mid-August 2023. According to the RSI (Relative Strength Index), the market remained oversold for almost a month. However, the struggle between the bulls and the bears led to a slight drop in the value of Decentraland, after which a rally emerged.
MANAUSD Significant Zones
Demand Zones: $0.3060, $0.2650
Supply Zones: $0.4480, $0.5400
In May 2023, the previous support at $0.5400 eventually failed after a consolidation period. The redistribution phase ended as a markdown dragged the price to an oversold region. The RSI hit the 30.0 level, thereby indicating a need for a correction phase before a further decline is guaranteed. Following the indication, MANAUSD expanded upward, marking the commencement of the correction phase. The correction phase ended after a tap into the buy-side liquidity above the $0.5310 old high. MANAUSD resumed its downtrend after the buy-side liquidity sweep.
Following the formation of a swing high at the $0.5400 price level, the downtrend dragged the price rapidly again into an oversold region. Like the previous correction phase, a clear rally emerged until a swing high formed at $0.4330. Following a buy-side liquidity sweep above the $0.4330 swing high, MANAUSD crashed as it invalidated major lows. The accumulation phase, which began in mid-August, seems to have ended as the bulls took control of the market from the oversold region. The emerging expansion will likely push the price up into the bearish order block at $0.3680.
Market Expectation
The previous high at $0.3180 has been invalidated as MANAUSD began a bullish trend on the four-hour chart. The bears seem to be out of the market due to the oversold indication of the RSI. The ongoing upward surge is likely to continue until the bearish order block at the $0.3680 price level is hit.
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