Decentraland (MANAUSD) Retraces Into Premium As Overall Trends Remain Bearish
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MANAUSD Analysis: The Market Retraces Into a Premium Level As The Overall Trend Remains Bearish
MANAUSD retraces into a premium territory as the overall trend remains bearish. Amid the bears’ obvious dominance in the market, the bulls took their golden chance at the 0.2960 demand zone. The price is now heading into a premium zone within the current trading range.
MANAUSD Significant Zones
Demand Zones: 0.2960, 0.2460
Supply Zones: 0.4280, 0.3550
As indicated by the Moving Average indicator, the market’s overall trend is bearish. However, the Relative Strength Index (RSI) shows that the market was in an oversold region some days ago. MANAUSD is now recovering and heading upward to fill the Fair Value Gap in the premium. The closing of the Fair Value Gap leads to a retracement in the market. This retracement, however, is required to rebalance the continued decline in fractal prices. On May 12, 2022, a long-term low was created at the 0.5990 price level.
The 0.5990 low remained unbroken until October 21, 2022, which resulted from the market’s sudden continuation of the downward flow from the 1.1290 price level. From the local high reached on August 14, 2022, at the 1.1290 price level, the market began a new bearish phase as the bears stormed the market to inject sell orders. The immediate previous range was defined by the 0.7438 and the 0.3550 price levels, while the current trading range is defined by the 0.4280 and the 0.2960 price levels. MANAUSD is projected to still reach the -50.0% Fibonacci retracement level of both tradings ranges before any complete reversal could be made.
Market Expectation
On the four-hour chart, the market structure has already been shifted after the rebuff at the 0.2960 demand zone. MANAUSD is expected to continue rallying into the premium until the consolidation zone is reached.
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