MANAUSD Targets Key Resistance Amid Bullish Breakout
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Market Analysis: Buyers Dominant The Market
MANAUSD has exhibited a bullish breakout indicating buyer dominance in the market place . Currently the price is steering its trajectory towards a crucial supply zone at the $0.8060.
MANAUSD Key Levels
Demand Levels: $0.5450, $0.4000
Supply Levels: $0.8060, $1.0000
The recent price action in MANAUSD underscores a robust shift in market sentiment. After forming an ascending trade pattern price managed to break through the resistance signaling a strong bullish tendency.
Furthermore, a bullish engulfing candlestick pattern was observed prior to the breakout, enhancing the credibility of a bullish momentum that resulted in the formation of consecutive bullish candles. This upward trend is particularly noteworthy as it steadily rises setting sight on the $0.8060 supply level.
The daily Relative Strength Index is trending upwards towards the overbought region, indicating a positive momentum.
A minor retracement is expected, as the Moving Average continues to signal a bearish trend, with prices unable to surpass its mark.
On the 4-hour timeframe, there was a market structure shift following a breakout from an ascending triangle pattern, providing strong support for bullish price movements.
Market Expectation
A slight retracement is expected on the 4-hour chart following a shift in market structure. The primary target for the price is $0.8060, but there is potential for it to exceed $1.0000 and establish a new major high.
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