MANAUSD Experiences a Change of Market Direction
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Market Analysis: Price Experiences Change in the MANAUSD Direction
MANAUSD experienced a change of direction with the break of the resistance level of $0.3300 in October. The market reversal is characterized by a strong bullish surge. The market is currently experiencing an impulsive phase after a long-term correction.
MANAUSD Key Levels
Demand Levels: $0.3400, $0.3100, $0.2680,
Supply Levels: $0.4500, $0.5500, $0.6500
MANAUSD witnessed an impulsive phase in January. The price expansion was halted at $0.7500. During this period, the ADX (Average Directional Index) was above 40, revealing a strong bullish trend. Shortly after the 0.7500 resistance level was struck, the market structure turned bearish. The sellers stormed the market for a sell-off. The decline in the price was lethargic. The ADX (Average Directional Index) rested below 40 to show the weakness of the selling trend. Multiple circles of bearish breaks and retests caused the price to dip to $0.2680.
The buyers took advantage of the support level of $0.2680. Immediately after the test of the demand level, the Parabolic SAR (Stop and Reverse) points rested below the daily candles to reveal the push-up in price. Once again, the ADX rose above 40. This shows a strong bullish wave.
Market Expectation
Relatively equal highs and previous resistance levels are magnets for the current price. The price is expected to draw to the resistance level of $0.5500.
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