Decentraland (MANAUSD) Sees Bullish Breakout
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Market Analysis: MANAUSD Marks a Significant Shift
The MANAUSD pair has recently experienced a notable bullish breakout, marking a significant shift in market sentiment. The bullish momentum, which initially encountered resistance at the 0.6050 supply level, prompted a consolidation phase spanning from early December 2023 to early February 2024. This period of consolidation served as a precursor to a substantial upsurge in momentum.
MANAUSD Key Levels
Demand Levels: 0.4250, 0.3300
Supply Levels: 0.6050, 0.7000
The consolidation witnessed in early December 2023 formed a symmetrical triangle pattern, setting the stage for the subsequent bullish breakout. Analysts anticipate that the range of pips covered during the breakout is poised to equal or exceed the range observed during the consolidation phase.
Moreover, technical indicators further support the bullish sentiment, with the Moving Average signaling an upward trend as the current price position remains above its threshold. On the 4-hour timeframe, the price trajectory demonstrates a consistent pattern of forming higher highs and higher lows. Notably, the establishment of a higher low has activated an order block, bolstering the bullish outlook in conjunction with the positive indication provided by the Moving Average, thereby reinforcing a bullish bias.
Market Expectations
Forecasts indicate that the price is likely to advance by a magnitude equivalent to or greater than the range observed during the consolidation phase. Traders anticipate a breach of the 0.6050 supply level before significant retracement is contemplated, as per prevalent crypto signals.
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