MANAUSD (Decentraland) Breaks off Consolidation, Rallies Upwards
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MANAUSD Analysis: Price Breaks Out of Consolidation Zone and Moves Up
MANAUSD breaks out of its consolidation zone to the upside. The market has been consolidating since the second half of last month. The consolidation was in the form of a triangle pattern, which held prices around the $0.7220 price level.
MANAUSD Significant Zones
Demand Zones: $0.4280, $0.2840
Supply Zones: $0.7220, $0.1290
MANAUSD recently closed above the triangle pattern on the daily chart; this signals a buy in favor of the bulls. According to the Relative Strength Index (RSI) indicator, MANAUSD needs a correction to the downside before resuming the market’s downtrend. Before the expansive move to the $0.7220 resistance, the Moving Average Cross (MA Cross) signaled a buy as the MA Period 18 crossed the MA Period 40 upward. Following the MA Cross signal, the price expanded massively to the upside as the bulls stormed the market with their buy orders.
Following the expansion to the upside, MANAUSD made a quick correction at the $0.7220 resistance by consolidating within a triangle pattern. Between July and early August 2022, the price rallied concerning diagonal support, which was later broken on August 17, 2022. The MA Cross signaled a buy after the successful breakout to the downside in August, when the Moving Average Period 40 crossed the Moving Average Period 18 to the downside. As the price approached the previous support at $0.7220, the market entered a consolidation phase, which was retested on November 5, 2022, in favor of the bears.
Market Expectation
On the four-hour chart, the market is ascending algorithmically. MANAUSD keeps testing the bullish order blocks at the bottom of each trading range. Price is expected to sink into the discount as it grabs sell-side liquidity and head to the upside to break the high at the $0.8430 price level.
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