Decentraland’s (MANAUSD) Downtrend Ends as Price Retracts at $0.2840 Demand Zone
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MANAUSD Analysis: Downtrend Ends As Price Retracts At $0.2840
MANAUSD ends its downtrend as the price retracts at the $0.2840 demand zone. The downturn began in early February due to the bulls’ failure to keep up with the buying pressure. This followed a series of fractal movements in the downward direction along the major falling trendline. MANAUSD is currently heading upward as it leaves the discount zone.
MANAUSD Significant Zones
Demand Zones: $0.3400, $0.2840
Supply Zones: $0.4410, $0.5400
In February 2023, a major trendline emerged after the bulls’ inability to keep up with the aggressive uptrend. The uptrend was the market’s overall direction before the market structure shift in February 2023. According to the RSI (Relative Strength Index), MANAUSD recovered from an oversold state as the downtrend began. Owing to the emergence of the downtrend, the Moving Averages crossed downward, thereby signaling the dominance of the bears in the market.
The first phase of the downtrend eventually ended after a breach of the previous $0.5400 support. Consequently, MANAUSD appreciated for a while as it headed upward to bounce off the emerging trendline. Following the bounce off the trendline, the downtrend’s course continued in fractals. The third phase, the longest phase of the downtrend, ended at $0.3060. On July 13, 2023, the downtrend resumed again, marking the final phase of the downtrend. As of now, MANAUSD is expanding upward as the downtrend appears to have ended by failing to invalidate the $0.2840 support.
Market Expectation
On the four-hour chart, MANAUSD is just recovering from its oversold state, according to the RSI indicator. Should a bullish trend emerge, a higher low is likely to form a few pips above the $0.2840 support. The emerging uptrend is expected to continue even after the falling trendline is breached.
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