Decentraland (MANA/USD) Anticipates a Bearish Downturn
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Price Analysis: MANAUSD Potentially Targets the $0.1800
In recent market activities, MANA/USD has demonstrated a notable bearish break of structure following a period of consolidation, signaling a potential decline. The price action has been particularly telling, with a retracement to the $0.3810 mark that facilitated the initial bearish break observed in early August 2024. This pivotal movement caused a breach through the critical support level at $0.2830, leading to a ranging pattern that respected the $0.3810 support.
MANA/USD Key Levels
Demand Levels: $0.2830, $0.1800
Supply Levels: $0.3810, $0.4830
Upon closer examination of the 4-hour chart, we observed that the price tested at the $0.2830 level several times. This consistent retesting has resulted in forming a ‘failed high,’ a technical pattern that often precedes bearish momentum. The confluence of these technical setups suggests that market sentiment is skewed towards the downside.
Supporting this bearish outlook is the alignment of the moving averages on both the daily and 4-hour timeframes. The price currently trades below these key indicators, reinforcing the bearish signal.
Market Expectation
Given these technical indicators, a breakout from the current range is expected, with bearish momentum likely to drive the market. The potential target for this downward movement is set at the $0.1800 level, where it is anticipated to find a new level of support.
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