Decentraland (MANAUSD) Attracts More Buyers As Price Finally Breaks The Diagonal Resistance
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MANAUSD Analysis: The Market Attracts More Buyers As Price Finally Breaks The Diagonal Resistance
MANAUSD attracts more buyers as the price finally breaks the diagonal resistance. The successful breakout from the diagonal resistance to the upside marks the continuation of the overall trend. According to the Moving Average, the market’s trend is bullish on the daily chart.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
From the $1.1290 price level, the price could be seen declining exuberantly. The decline continued as it broke the previous support at the $0.8430 price level. Following the breakout on August 26, 2022, MANAUSD converged into a downtrend along a falling trendline. The falling trendline prevented the price from massively crashing to the downside until an aggressive breakout in November 2022. The aggressive breakout was a result of the selling pressure from the old high at the $0.7460 price level. The price continued sinking deeper as it cleared buyers’ stops below the diagonal support.
As the price finally got into the oversold region, it rallied in a few days into an overbought region according to the RSI. The swing high created in November 2022 before the breakout of the falling trendline got broken as a result of the rally. However, the high seems to have been the target for the majority of the MANAUSD buyers as the momentum decreased drastically. The broken diagonal resistance was created as the price swerved downward from the $0.8430 resistance. The breakout from the resistance occurred after the price tapped into a Fair Value Gap (FVG). The buying pressure from the FVG eventually drove prices to the upside impulsively.
Market Expectation
The market’s structure is now bullish on the four-hour chart. MANAUSD hit the 62.0% Fibonacci retracement level before breaking the falling trendline. The market will likely continue rallying upward after the falling trendline has been retested.
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