- May 13, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Decentraland (MANAUSD) is almost on a +70% rise since yesterday’s Low, with the rebound coming on the 1W MA150 (red trend-line), which got hit for the first time in history. The fractal though resembles that of the mid April High both in terms of price action and 1D RSI.
That sequence rebounded on the 1D MA200 (orange trend-line) instead of the 1W MA150 but as it failed to break the 1D MA50 (blue trend-line), it eventually dropped to a Lower Low below the 1D MA200. The Fibonacci level below the 1W MA150 is the 0.236 at $0.5300. As a result we believe that until the 1D MA50 breaks, which was the bullish break-out point in 2021, MANAUSD remains bearish.
Notice how well those Fibonacci levels (extensions and retracements) have been accuratelly providing Resistance and Support levels these past 12 months.