MANAUSD Turns Bearish as Bullish Momentum Fades
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Price Analysis: MANAUSD Turns Bearish After Failing to Sustain Its Bullish Momentum as Sellers Dominate the Market
MANAUSD has entered a bearish phase after failing to sustain its previous bullish momentum, allowing sellers to take control of the market. Between September and October 2024, the price experienced a period of minor consolidation around the $0.2900 demand level before breaking out to the upside in early November. This bullish surge saw MANA/USD rally to a peak of $0.7770, where it encountered strong resistance, ultimately triggering a retracement.
MANAUSD Key Levels
Demand Levels: $0.4260, $0.2900
Supply Levels: $0.5930, $0.7770
Initially, the retracement was viewed as a temporary pullback into a bullish order block, suggesting a potential continuation of the uptrend. However, the market’s failure to establish a new higher high signalled a weakening of buying pressure. This price action resulted in a “failed high” pattern, a key indicator of an impending bearish reversal. The breakdown of structure confirmed the shift in trend, with sellers gaining dominance and driving the price lower.
Technical indicators further reinforce the bearish outlook. The daily Relative Strength Index (RSI) has been trending downward, reflecting declining momentum. Additionally, the daily Moving Average confirms the bearish bias, as the price is currently trading below this key trend indicator. These factors suggest that MANA/USD remains under selling pressure in the near term.
As the price approaches the $0.2900 demand zone, market participants will closely monitor this level for potential signs of a bullish reaction.
Market Expectation
Market ExpectationThe daily RSI, now nearing the oversold region, suggests that selling momentum may be overextended, increasing the likelihood of a short-term relief rally. Should buyers step in at this critical support level, a corrective bounce could unfold, potentially offering opportunities for short-term upside. However, failure to hold above $0.2900 could open the door for further declines, reinforcing the broader bearish trend.
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