Decentraland (MANA/USD) Anticipates the Resumption of its Bullish Trend
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Price Analysis: MANAUSD Experiences a Bullish Resurgence, With the Price Poised for Further Upward Movement
MANA/USD has recently demonstrated a significant shift in the market, marked by a notable bullish break of structure. This critical development unfolded in November 2024 when the price surpassed the major high established in early June 2024. This breakout signified a pivotal moment for MANAUSD, confirming a bullish trend and setting the stage for continued upward momentum.
MANA/USD Key Levels
Demand Levels: $0.3980, $0.2590
Supply Levels: $0.5320, $0.6870
Following the bullish break of structure, MANAUSD exhibited further strength as it breached the $0.6870 supply level. However, resistance emerged at the $0.8510 supply level, temporarily halting the bullish momentum. The strong rejection at $0.8510 initiated a bearish retracement, driving the price below the daily Moving Average, which signaled a bearish trend.
During this bearish phase, the price revisited and recovered critical supply levels, namely $0.6870 and $0.5320. Despite these corrections, the broader market sentiment remains bullish. The price action at the daily bullish order block underscored this sentiment, as the order block’s activation triggered a strong bullish reaction. This was evidenced by a substantial wick rejecting the order block, signaling robust buying pressure.
Zooming into the 4-hour timeframe, additional insights emerge. Following the activation of the bullish order block, the price experienced a short-term bullish break of structure, indicating a potential resumption of the broader bullish trend. The confluence provided by the 4-hour Moving Average, where the price remains above the indicator, further supports the bullish outlook.
Market Expectation
The current bullish trend suggests the potential for MANAUSD to reclaim and surpass critical price levels, including $0.5320, $0.6870, and ultimately the $0.8510 resistance. The market structure and momentum indicate a resumption of the underlying bullish trend, positioning MANAUSD for further gains in the coming sessions.
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