Decentraland (MANAUSD) Accumulates Long Orders
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Market Analysis: Price Targets the Supply Levels
The market accumulates long orders targeting the supply levels. The price of MANAUSD reached a high of $0.8420 before beginning to drop due to increased selling activity. This led to a significant decrease in MANA prices from early February to late October. In late October, the price hit a significant low of $0.2680, putting a stop to the price crash.
MANAUSD Key Levels
Demand Levels: $0.4420, $0.3620
Supply Levels: $0.5405, $0.7000
The price found support at $0.2680, leading to a reversal and accumulation of buy orders in the market. This accumulation of buys has resulted in a bullish trend, with subsequently higher highs and higher lows being created.
The price increase exceeded the $0.5405 supply level, but immediately after, the price began to retrace. The retracement broke the trend line support. However, the price did not fall further as it was supported by the $0.4400 demand level, which corresponded to the Relative Strength Index being at 30.0 in the oversold region.
Market Expectation
The Relative Strength Index is currently in oversold territory, suggesting weakness in selling pressure. As a result, it is expected that the demand level of $0.5405 will act as support, leading to a reversal of bearish momentum and a potential uptrend in prices towards supply levels.
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