Decentraland (MANAUSD) Sets To Retrace Upward As Price Approaches A Discount Zone
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MANAUSD Analysis: Market Sets To Retrace Upward As Price Approaches A Discount Zone
MANAUSD is set to retrace upward as the price approaches a discount zone in the current market trading range. The price of Decentraland is entering deeply into the discount zone of the current trading range. The market’s decline started from the $0.4410 supply zone at the top of the trading range. While the market’s order flow is bearish, a short-term bullish expansion is likely as MANAUSD hits a major support level.
MANAUSD Significant Zones
Demand Zones: $0.3400, $0.2840
Supply Zones: $0.4410, $5400
In April 2023, the market was optimistic for a brief period after a dip in prices. However, when the major diagonal resistance was reached, MANAUSD turned bearish as buyers left the market. The bears dominated the market for the rest of the first quarter of the year. Although there was a minor correction between May 15 and the first week of June, participants in MANAUSD remained negative. The bulls were unable to raise the price further as the bearish order block at $0.5400 prevented any upward movement.
At $0.5400, a swing high formed as the price reacted to the bearish order block. This led to the resumption of the downtrend as a bearish marubozu candlestick formed. At the $0.4410 price level, another bearish order block formed as the market’s descent persisted. The bearish order block, after a few weeks, eventually resisted an upward retracement in July 2023. As the price approaches the discount zone, the selling momentum keeps decreasing. This decreasing momentum suggests the possibility of MANAUSD expanding upward, even if only for a short period.
Market Expectation
The market is currently heading into external liquidity on the four-hour chart. The four-hour diagonal resistance is likely to fail once the price heads upward as it returns from the discount zone. After the liquidity sweep, MANAUSD is expected to surge upward until the bearish order block is reached.
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