Decentraland (MANAUSD) Temporarily Recovers Amidst Bearish Trend
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MANAUSD Analysis: Price Recovers Momentarily Upward Amidst the Bearish Overall Trend
MANAUSD recovers momentarily upward amidst the overall bearish trend. The market’s environment has remained bearish ever since the falling trendline began. The falling trendline emerged just before a massive fallout of prices from the upward range in February 2023. While a bullish recovery is ongoing, MANAUSD remains bearish on the daily time frame.
MANAUSD Significant Zones
Demand Zones: $0.2850, $0.2000
Supply Zones: $0.5300, $0.8400
The falling trendline happened to be the major trendline resisting the upward flow of MANAUSD. As of January 2023, the market’s overall trend was bullish. Before this upward trend, a bullish order block formed at the initial stage. The bullish order block formed around $2850 before the upward trend became impulsive. However, at $0.6140, a swing low formed. The swing low marked the end of the impulsiveness of the uptrend, as the bearish trend began.
MANAUSD began to show signs of weakness regarding the upward trend continuation. The price crashed massively downward after creating a lower high at $0.8400. The bearish trend continued alongside the emerging falling trendline. At $0.4830, an upward retracement occurred while balancing the market’s inefficiency. The inefficiency happened during the upward trend in January 2023. On June 6, 2023, a bearish order block formed as the price swept the liquidity below the equal lows (EQL) at $0.4440.
Market Expectation
MANAUSD has ranged within a triangle pattern on the four-hour chart since reaching the oversold region. The MA Cross is about to give a bull signal as both Moving Averages contract. The price will likely begin an upward trend soon as it heads to the premium zone.
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