Decentraland (MANAUSD) Retraces Downward after Range Fulfillment
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MANAUSD Analysis: Price Retraces Downward Following the Range Fulfillment to the Upside
MANAUSD retraces downward following the range fulfillment to the upside. In a bid to grab the buy-side liquidity above the old high at the $0.7440 price level, the price expanded aggressively to the upside. The market’s environment has been bullish ever since the expansion.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
The prior bearish season ended with the reaction of the price at the $0.2840 support. The descent began some months ago in the year 2021; this implies that the bears have been in total control of the market for a very long time. After the major level of $0.8430 was breached, prices crashed further downward. On October 13, 2022, a weak low was created as MANAUSD made a short rally. The short rally was initiated to create an intermediate low at the $0.7440 price level. Price later crashed massively as the break of the structure occurred at the weak low of $0.6360.
The downward trend was typically characterized by breaks in structures to the downside. The reaction of the price at $0.2840 led to the creation of a long-term low. MANAUSD expanded massively upward as the bears panicked out of the market. After fulfilling the range, the momentum decreased abruptly as the bears prepared to enter the market once again. Since February 2, 2023, the market’s trading range has been between the $0.8430 and the $0.2840 price levels.
Market Expectation
Following the Change of Character (CHOCH) on the four-hour chart, the price expanded upward to fill the sell orders in the bearish order block. To confirm that the market is bearish, the price dived further downward to break the market’s structure (BOS) to the downside. MANAUSD is therefore expected to keep crashing downward until the discount is reached.
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