MANA Price Prediction: MANA Price is Near Support What Next?

 

• Decentraland (MANA) is currently trading at $0.3833.
• Decentraland (MANA) live market cap is $724,269,672.
• Decentraland (MANA) is trading below the 20, 50, and 100-day EMA.

A virtual reality platform called Decentraland (MANA) was created using the Ethereum blockchain. It enables users to enter the Decentraland metaverse and create, discover, and earn money from virtual experiences. The platform’s cryptocurrency, MANA, is utilized for various transactions, including the purchase and sale of digital assets, virtual real estate, and participation in the ecosystem.

Trend Analysis

MANA price prediction has been on a steady decline since November 2021, with a string of lower lows and lower highs as markers. Currently trading at $0.3836, MANA is forming a descending triangle pattern that suggests a strong likelihood that the price will continue to decline and that new lows will be formed.

The fact that MANA peaked at $6.0961 before suffering a massive decline of 94.63%, which is a significant slump for any asset, is remarkable. Currently, the price is stabilizing for a considerable amount of time near a support level. There is a chance that the trend will change if the price reverses from this level. However, the current signals point towards a downward trajectory for MANA when taking into account the mood of the market as a whole.

Decentraland (MANA) Price Prediction

EMA 

MANA price prediction is trading below the 20-day and 50-day exponential moving averages in the weekly time frame, signifying a bearish trend. Decentraland (MANA) is the subject of bullish momentum and buy-side investor sentiment.

MACD

Due to the formation of a negative MACD crossover, the MANA price prediction is currently exhibiting a bearish indication. This is seen by the MACD line’s placement below the Signal line and the appearance of a red histogram. The likelihood of additional downward pressure is highlighted by this arrangement, which strongly suggests that MANA is experiencing a noticeable negative momentum in its price movement.

RSI

MANA price prediction, RSI is currently at 38.81, and the simple moving average (SMA), which is above the RSI line, is at 41.40. The future momentum of a downturn is suggested by this combination. There is also still a possibility for further downside movement because the RSI is not yet in the overbought zone. Together, these elements point to the possibility of a drop in the price of MANA shortly.

Conclusion 

As a result, the price prediction of MANA is showing a bearish trend, which is supported by the price’s overall negative structure and movement below the resistance level. Indicators like MACD and EMA are also giving a negative signal, escalating a negative market sentiment.

Technical Levels

Support – The current support position of Decentraland (MANA) is at $0.69490399.

Resistance -The current resistance position of the Decentraland (MANA) is $1.49790734.

Disclaimer

The thoughts and opinions expressed by the author or anyone else named in this article are solely for informational purposes. They don’t offer any advice of any kind, be it financial, investment, or otherwise. The possibility of losing money exists when buying, selling, or investing in cryptocurrencies.