Decentraland (MANAUSD) Market Players Anticipate a Decline
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Market Analysis: Market Anticipates a Decline
MANAUSD market anticipates a decline as the bearish order block is being respected. After breaking the structure bearishly at the $0.4000 price mark, the price has formed lower lows, leaving the order block untouched and potentially providing resistance to future price movements.
MANAUSD Key Levels
Demand Levels: $0.3700, $0.2770
Supply Levels: $0.4400, $0.5300
Following the bearish break-of-structure at $0.4400, the price decline kicked off. Afterward, MANAUSD price bounced off the support at $0.2700. This caused the price to retrace. The retracement took out an old high as liquidity to fuel a further price drop.
Additionally, there was a strong reaction as the price was quickly rejected from the order block, dropping down to the 4-hour timeframe. With the current price below the Moving Average, the Moving Average also suggests bearish movement.
MANAUSD Market Expectation
The MANAUSD price has shown rejection from the order block and is forming a head-and-shoulders pattern in the 4-hour timeframe. Combined with the Moving Average indicating bearish price action, the market is expected to retest the $0.4400 price mark in anticipation of further declines.
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