Decentraland (MANAUSD) Changes Its Structure To The Upside
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MANAUSD Analysis: MANAUSD Changes Its Market Structure To The Upside
MANAUSD changes its market structure to the upside. The market’s structure has been bearish for weeks until this last low in the $0.2840 demand zone. Currently, MANAUSD is showing a potential change in the market’s environment.
MANAUSD Significant Zones
Demand Zones: $0.3400, $0.2840
Supply Zones: $0.4280, $0.7440
Following the extreme bearishness of the market, MANAUSD tapped some sell-side liquidity at the $0.2840 demand zone and swerved to the upside. The upward deflection led to a change in the market’s environment. The market’s current trading range is defined by the $0.4280 and $0.2840 price levels. A retracement into the lower end of the trading range and a run-through of the buy-side liquidity above $0.4280 are needed to confirm that the market’s direction is bullish. The market began the bearish phase in August 2022; the significant trendline also appeared alongside the bearish move. MANAUSD kept declining until the price rallied a few pips to hit the significant trendline.
After the second bounce of the major trendline in the first week of November 2022, the market continued its downward trend. The market’s major trend has been resisting prices from an extreme expansion to the upside. Should the market’s environment change to the upside be confirmed by the retracement and the breakout, the diagonal resistance might get broken as the price keeps expanding to the upside. As shown by the Relative Strength Index (RSI), the market has spent more time below the 50.0 level than it has above it. Once the overbought region is reached, MANAUSD might retrace downward for some time, after which the bullish trend may continue.
Market Expectation
On the four-hour chart, the market’s structure has long been shifted to the upside. MANAUSD is expected to keep rallying in fractals until the $0.4280 resistance is broken.
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