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Decentraland Price Analysis: MANA below $3.4, the fun isn’t over yet

Decentraland Price Analysis

TL;DR Breakdown

  • Decentraland price analysis suggests a bearish movement for the token for Wednesday
  • The prices are low by nearly 6.62% in the last 24-hours
  • MANA is nearly 43.14% low from its all-time high at $5.90

Decentraland price analysis is bearish for today, cooling off after huge gains in the months of October and November. The MANA prices opened the daily candle at $3.3416, reaching a daily high of $3.46 and a daily low at $3.32.

Furthermore, the data from CoinMarketCap shows that the trading volume of the MANA token dropped by 2.74% resulting in the sluggish movement we are currently witnessing. The market dominance for MANA rests at 0.27% while the position is 28.

Next, the data from CoinGecko indicates that the prices fell by nearly 6.3% in the last 24 hours and are up by 2.6% in the last 7 days and 7.4% in the last 14 days. The token is low by 33.7% in the last 30 days.

Decentraland price analysis on the daily chart

The price action fell below the 50-day Moving Averages which failed as a support level. On the other hand, the 100-day Moving Average is still below the price action, which is a major support region.

The RSI level indicates that the token is moving towards the bearish zone as selling pressure is increasing. The gradient is minutely positive indicating that the daily candle might continue this sluggish movement.

Decentraland price analysis
Decentraland price analysis on the daily chart by TradingView

MANA has been on a roll this year. Luxury marketplace UNXD is also coming up with its first NFT and the marketplace is built atop the Polygon and Decentraland network. UNXD is “a virtual reality platform built on the Ethereum blockchain, will be presenting their first Metaverse Fashion Week in 2022.”

MANA is more than 4000% up this year and a number of projects keep coming up. It seems that this might be the right time for you to jump on the metaverse bandwagon.

The Decentraland price analysis via the MACD indicator is still bullish on the daily chart as the indicator represents a bullish diversion for MANA/USDT a few days ago. The signal line and the MACD line are very close to each other and if the former breaks above the latter, bears might take over.

Decentraland Price Analysis: MANA below $3.4, the fun isn't over yet 1
Decentraland price analysis on the daily chart by TradingView

Conclusion

The MANA price prediction for the long term is still bullish but, the short term analysis shows that MANA will continue this bearish trajectory for the near term. However, a sudden surge in the buying pressure will benefit the prices.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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