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Decentraland (MANAUSD) Hits New Overbought Region

January 23, 2023

#Crypto#Crypto Analysis#CRYPTOCURRENCY#Daily Chart#decentraland#manausd#Market Expectation#Price Action#Price Analysis#Technical Analysis

MANAUSD Analysis: Price Hits A Zone As The Market Enters An Overbought Region

MANAUSD hits a supply zone as the market enters an overbought region. The recent surge in price to the upside shows the presence of MANAUSD buyers in the market as they become optimistic about MANA. However, the overall trend is still bearish as the $1.3600 resistance remains unbroken.

MANAUSD Significant Zones

Demand Zones: $0.4280, $0.2840
Supply Zones: $1.3600, $0.7440

Decentraland (MANAUSD) Hits New Overbought Region

As MANAUSD approached the $0.2840 demand zone, the last two lows in the Relative Strength Index (RSI) indicated on the daily chart a bullish divergence as it formed higher lows, contradicting the lower lows of the price. Due to the bullish divergence, the bears took profits off the market, causing a surge in price to the upside. The market’s trading range is by the two major levels in the market: the $1.3600 price level and the $0.2840 price level.

Since the successful breakout below the $1.3600 price level, the market has been consistently breaking previous lows until the local low at the $0.2840 price level was reached. The breakout occurred in June 2022, as the price dived deep into the $0.5990 price level, but MANAUSD consolidated within the range of the displacement until September 2022. The market began a clear downtrend in September 2022, when it struck and invalidated all support levels above the $0.2840 price. The market is at a premium, executing sell orders to resume the downtrend.

Decentraland (MANAUSD) Hits New Overbought Region

Market Expectation

Since the beginning of the year, MANAUSD has been expanding aggressively upward on the four-hour chart. Should the $0.4280 price level be respected, the bullish trend might eventually be confirmed as the market breaks the $0.7440 resistance successfully.

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