Decentralized (MANA/USD) Bulls Face Setback
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Market Analysis: Bears Currently Hold Strength
MANA/USD bulls face setbacks. The market is currently experiencing a setback as the bulls have lost their momentum. This is now giving way to a rising bearish trend that started yesterday. This shift is primarily due to resistance encountered by buyers near the $0.4000 level. At the beginning of this week, MANA buyers faced rejection in the vicinity of the significant zone at $0.3900. Currently, sellers dominate the market, and a notable pullback is anticipated, possibly towards the significant level of $0.3360.
MANA/USD Key Zones
Resistance Levels: $0.54200, $0.44480
Support Levels: $0.33600, $0.26500
The Stochastic Oscillator is currently in overbought territory, indicating that buyer strength may be waning. The stochastic oscillator line hovers around the 80.00 level, and the signal line reflects selling pressure in the Decentraland market.
The Moving Average Crossing, presents a different perspective, suggesting buyers are still in control of the market. Despite the setback, there is potential for more bullish activity as buyers prepare to stage a comeback.
Market Expectation
In a shorter timeframe, sellers maintain control. There’s a possibility that selling pressure could extend downward to the $0.3360 significant level. Traders should closely The battle between buyers and sellers continues, making the market’s next direction uncertain. Nevertheless, buyers still happen to hold major dominance in the long run. The selling pressure currently seen is more likely to end very soon. Traders should brace for a more bullish run as the new month approaches.
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