Decentraland (MANAUSD) Price Corrects from Oversold Region, Expands Upward
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MANAUSD Analysis: The Market Expands Upward As Price Makes A Correction From The Oversold Region
MANAUSD expands upward as the price corrects the oversold region. Amidst the bear’s dominance, an expansion is currently going on in favour of the bulls. Even though the expansion will likely end soon, there has been a considerable increase in the value of Decentraland. This could be a sign of weakness in the overall bearish trend.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.4330, $0.7000
The consolidation that caused the bearish flow from the February crash indicated the weakness of the previous upward momentum. MANAUSD created a new swing high in the consolidation range before descending downhill. As it appears, the MA Cross flipped bearish along with the market’s structure shift. At the same time, the RSI (Relative Strength Index) left the overbought region, indicating the beginning of a new trend. At the beginning of the bearish trend, two falling trendlines emerged. Each acts as major diagonal support and resistance level for the price.
MANAUSD has been bouncing off these trendlines even as the bears control the market. On April 17, 2023, an inducement occurred before resuming the overall bearish trend. After a relatively long period of descent, the price bounced off the major diagonal support. Due to the buying pressure from the support and the indication of the RSI, MANAUSD extended upward. MANAUSD is currently expanding upward. Chances are that the expansion will extend toward the major diagonal resistance.
Market Expectation
After hitting the four-hour bullish order block on July 15, 2023, MANAUSD faced upward. The bullish expansion is expected to continue until major resistance at the premium is hit.
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