Decentraland (MANAUSD) Indicates a Change in Market Trend to the Positive
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MANAUSD Analysis: Price Shows Signs of Change in Market Trend to the Upside
MANAUSD shows signs of a change in market trend to the upside as it leaves the oversold region. The market has been extremely bearish for a long time, as seen in the higher timeframe. MANAUSD may be forming a new bullish wave soon, with the Relative Strength Index (RSI) recovering from the oversold region and the Moving Average intersecting the price.
MANAUSD Significant Zones
Demand Zones: $0.2840, $0.2310
Supply Zones: $0.5970, $0.3550
Since the $0.5970 price level got broken to the downside, the market has been in a downtrend. The current trading range of the MANAUSD is defined by the $0.4280 and $0.2840 price levels. The RSI of the last two lows of the price typically reveals a bullish divergence as prices form lower lows and the RSI forms higher lows. Due to the signs of a change in the market trend, the immediate bearish order block might get mitigated.
The local high from the past six months is $1.1290; this low high was reached on August 14, 2022. While MANAUSD ranged within the $1.1290 and $0.5970 price levels, the market’s momentum was barely energetic enough to cause a sudden expansion. However, the bears stormed the market with their sell orders on November 8, 2022. The downward expansion continued into the oversold region until the market’s change in trend signs began to surface.
Market Expectation
After grabbing the sell-side liquidity at the previous low, MANAUSD began to appreciate. On the four-hour chart, the market’s environment is bullish. This bullishness might continue after the daily order block is mitigated. The market is to remain bullish until the price enters a premium.
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