Decentraland (MANAUSD) Retraces Downward
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MANAUSD Analysis: Market Leaves Overbought State
The overall trend of MANAUSD was bullish until the recent crash due to the overbought state of the market. The stochastic oscillator indicated the overbought state of the market as the price approached the $0.5740 supply zone.
MANAUSD Key Levels
Demand Levels: $0.3750, $0.26500
Supply Levels: $0.4480, $0.5740
Before the emergence of the uptrend in October 2023, the market was in a clear bearish trend. The bearish trend began as a result of the selling pressure from the $0.4480 resistance.
The downtrend emerged alongside a falling trendline, which eventually brought the price to the discount zone. From the $0.4480 resistance, MANAUSD made a rapid decline, invalidating major lows until the oversold region was reached. The market became oversold, according to the Stochastic Oscillator. This led to a notable halt in the decline as the price formed a major low at $0.2650.
Owing to the oversold indication by the Stochastic Oscillator, the bulls stormed the market, driving the price to the upside. According to the MA Cross, the market’s environment changed to an uptrend.
Market Expectation.
In the daily time frame, MANAUSD has begun a decline. This decline is likely to last until the discount zone is reached. On the 4H time frame, the market’s trading range lies between $0.3750 and $0.5740, representing support and resistance, respectively. The weak high at $0.5170 is likely to get invalidated as the price surged into the four-hour bearish order block at the premium. The selling pressure from the bearish order block is expected to lead the market into the 62% Fibonacci retracement level of the market’s trading range.
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