MANAUSD Exhibits a Notable Decline as it Breaks Structure Bearishly
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Market Analysis: Notable Decline as it Breaks Structure Bearishly
In mid-March 2024, MANAUSD observed a significant downturn as sellers dominated the market. The market is expected to continue this decline, with sellers’ strength still predominant as the trend indicates a continuing downward trajectory.
MANAUSD Key Levels
Demand Levels: $0.3750,$0.2770
Supply Levels: $0.6300, $0.8250
The head and shoulders reversal pattern that formed from March through April signaled a significant trend change in the market. This led to a sharp price decline in mid-April 2024, breaking below the major low from mid-January 2024 and indicating a bearish shift in market structure. This bearish break in structure has now turned the overall market sentiment bearish.
The Relative Strength Index has indicated that the price has moved out of the oversold region at 30.0, leading to a retracement as seen in the current price action. However, the Moving Average on the daily timeframe still suggests a prevailing bearish trend, as the current price has not surpassed it. Additionally, the price has shown rejection of the daily breaker block. On the 4-hour timeframe, a bearish order block is being respected, with the Relative Strength Index nearing the overbought region at 70.0.
Market Expectation
The daily timeframe Relative Strength Index indicates that the price has reached the overbought region at 70.0, suggesting that a retracement may continue for a while. It is expected that the price will not exceed the bearish breaker block, but rather maintain it.
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