Decentraland (MANAUSD) Sellers Exit The Market As The $0.4830 Low Remains Protected
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MANAUSD Analysis: Sellers Exit The Market As The $0.4830 Low Remains Protected
MANAUSD sellers exit the market as the $0.4830 low remains protected. As indicated by the Relative Strength Index (RSI), the market remains in a neutral stage. This is a result of the ongoing consolidation as selling pressure decreases.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.8430, $1.1290
The bearish marubozu candlestick created in response to the selling pressure from the supply level caused more panic for buyers. The panic led to a decreasing volume of MANAUSD long orders, which eventually depreciated the value of Decentraland. The subsequent markdown in the market was extended even after the failure of the $0.4280 support. Following a retest on the $0.4280 level, the markdown continued but with decreased momentum. The decreased pressure happened as a result of the oversold state indicated by the RSI indicator.
As the year 2022 came to an end, sellers exited the market as a lower low was created at the $0.2840 major demand level. In less than a month, MANAUSD moved swiftly from an oversold state into an overbought state. The bears were typically absent as the market was filled with bullish marubozu candlesticks up to the $0.7000 price level. The three swing highs created as the price approached the $0.8430 supply level showed that the buying pressure was gradually fading. The market is now in a ranging environment as the price gyrates around the 50.0 level of the RSI. Following a tap into the sell-side liquidity below the $0.5430 low, the price might surge upward to invalidate the $0.7600 high.
Market Expectation
After the breakout from the diagonal resistance on the four-hour chart, MANAUSD has been bullish. This bullish trend is expected to continue even after the $0.6800 high is invalidated.
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