Decentraland (MANAUSD) Makes A Final Correction Wave To The Upside

MANAUSD Analysis: Market A Makes Final Correction Wave To The Upside

MANAUSD makes a final correction wave to the upside. On June 11, 2023, following the bounce off the diagonal support, the correction wave started. Before the bounce, MANAUSD fell from a daily order block formed by upward-closed candlesticks at the $0.5400 swing high.

MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.4330, $0.7000

After the successful breakout from the previous resistance of $0.7000 to the downside, which took almost a month, MANAUSD began the overall downtrend. The breakout took almost a month, after which the decline emerged aggressively. The bulls seemed to have left the market until the diagonal support was hit. The price expanded to the upside as an upward correction occurred, with MANAUSD returning to $0.7000. From that $0.7000 supply zone, the bulls did not return to the market until the price of a Decentraland token reached $0.4330.

Currently, MANAUSD is in the last phase of the upward correction. In May 2023, the bulls caused a short-term expansion upward at the $0.4330 price level. The upward expansion led to the formation of the swing high at the psychological level of $0.5400. Together with the selling pressure at the bearish order block and the dynamic resistance, MANAUSD swerved back downward. The dynamic resistance is the Simple Moving Average (SMA) period of 50. MANAUSD is heading deeper into the premium zone as it bounced off the SMA period of 50 to the upside.

Market Expectation

MANAUSD is currently bullish on the four-hour chart. The price has created a swing low at the psychological level of $0.3800 and is now showing signs of going up. A last return into the $0.4330 supply zone is likely before the continuation of the downtrend on the daily timeframe.