Decentraland (MANAUSD) declines as it approaches the FVG
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MANAUSD Analysis – January 30
Decentraland (MANAUSD) declines as it approaches the Fair Value Gap (FVG). After rejecting the $0.3080 demand level, buyers pushed the price upwards, creating a bullish trend. However, as the price trended upward, it failed to breach the $0.5400 supply level, giving sellers control of the market.
MANAUSD Key Levels
Demand Levels: $0.3800, $0.3080
Supply Levels: $0.5400, $06830
In early October, MANAUSD started trending upwards, surpassing previous highs. However, the bullish trend ended when it reached the $0.5400 supply level, triggering the daily breaker block.
The breaker block offered price support, resulting in a reversal as the market structure turned bearish. The Moving Average also indicates bearish price action, with the current price below it.
Market Expectation
MANAUSD is expected to decline towards the Fair Value Gap and possibly break through the $0.3080 demand level. On the daily timeframe, the Relative Strength Index indicates that the price formed a low at the 30.0 overbought region on January 6th. After leaving the 30.0 overbought region, it began to rise, demonstrating strength in the price. This strength is anticipated to act as a retracement for further bearish momentum to generate crypto signals.
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