Decentraland’s MANA may take longer to see a recovery. Here is the price outlook

2022-11-16 20:14

Have you been looking to buy Decentraland’s (MANA/USD) this month? Unfortunately, a technical outlook shows the metaverse token is not ready yet. The token has claimed a new low in the year and looks increasingly bearish. At least, we expect a potential new low, and you would not want to chase the clouds for now. What is happening?

A prolonged crypto winter has dealt a blow to the once-booming metaverse sector. Consequently, MANA has lost 92% of its value since November 2021. The token now trades at the lowest value since June 2021, losing its post-boom surge in the process. 

Perhaps it has become lonely there in the metaverse as crypto winter ravages. According to data released by DappRadar last month, metaverse platforms, including Decentraland, are struggling to retain users. The low development activity has been responsible for the price weakness. Investors may have to wait longer before we see another recovery for the token.

MANA technical outlook shows weakening momentum

MANA/USD Chart by TradingView

On the daily chart, MANA is on a clear downtrend. The key level at $0.8 was tested, allowing the cryptocurrency to proceed lower.

Technical indicators are also bearish. Since August, the 20-day MA has never recovered above the 50-day MA. The MACD indicator remains in the bear zone. The momentum is weak, and the bear pressure is rising further.

What next for MANA?

MANA is heading to a bottomless pit after hitting the June 2021 lows. Although the bulls can arrest a further decline below the level, there is no such indication yet. 

We hold a bearish view until suitable support is found and MANA shows sufficient upside. A recovery above the $8 resistance would be ideal to consider a bullish view.

Where to buy MANA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MANA with eToro today Disclaimer

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy MANA with Coinbase today Disclaimer

The post Decentraland’s MANA may take longer to see a recovery. Here is the price outlook appeared first on CoinJournal.

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Decentraland (MANA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5768
Капитализация $0 Rank 99999
Цена в час новости $ 0.4337 (-100%)

outlook token decentraland mana yet shows metaverse

Источник: coinjournal.net

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