MANAUSD Aims for Liquidity Before Further Bullish Momentum
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Market Analysis: Decentraland Aims for Liquidity
MANAUSD recently peaked notably at the $0.8200 level before initiating a retracement phase. This retracement was triggered by a decline in buyer momentum, resulting in a shift in market control as sellers sought to capitalize on available liquidity.
MANAUSD Key Levels
Demand Levels: $0.5450, $0.4700
Supply Levels: $0.6780, $0.8200
A thorough examination of the daily charts reveals a significant bullish movement that has surpassed previous highs, indicating a prevailing bullish bias. However, the price faced rejection at the $0.8200 level and has since begun retracing, with a focus on liquidity positioned below the $0.5450 demand level.
The liquidity lies slightly above the order block, thereby increasing the likelihood of price respecting this critical level. This order block coincides with the 0.786 Fibonacci level, adding further significance. Additionally, analysis of the daily Relative Strength Index (RSI) suggests that the price has entered oversold territory, implying a potential reversal shortly.
Market Expectation
It is anticipated that the price will reach the order block and clear the liquidity level in the coming sessions. However, the retracement is not expected to breach below the $0.4700 demand level, which serves as the final line of defense for buyers.
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