Decentraland Likely to Hit $1.71 Price Level
In the past few days, MANA has been on the rise, with today’s trading session price a price increase of three per cent. In the past six days, MANA’s price has doubled from $0.59 to the current price of $1.2.
However, despite the recent price gain, MANA is still down by 16 per cent for the month. The year-to-date data also shows that MANA has dropped by 63 per cent. Part of the reason why the cryptocurrency has dropped at such a huge rate is due to the current bearish market of the cryptocurrency industry. For months now, the industry has been trading downwards.
However, the past week has seen the rate of cryptocurrencies drop increase significantly. This is after UST and Luna, which are native tokens of the Terra network, dropped by over 99 per cent, causing panic in the markets. The result was a cryptocurrency sell-off that saw the global cryptocurrency market capitalisation consistently dropping by more than 10 per cent per trading session.
MANA Price Prediction
From May 5 to 12th, the price of MANA plunged by 63 per cent. This is after reports started coming out about UST de-pegging. The plunge also resulted in a new price low of $0.59. The prices, however, failed to break to the downside. The following six days saw the prices double in value, to trade at the current price of $1.2.
Looking at the chart below, we can see the prices approaching the recent support level of $1.71. We can also see that, despite yesterday’s 12 per cent price drop, the prices have resumed the bullish trend that started almost a week ago. The Williams Alligator is also giving signs of a bullish price reversal.
Therefore, my Mana price prediction expects the prices to continue with the current bullish move. There is a very high likelihood that the prices will be trading above the $1.71 support level in the next few sessions. However, if today’s session closes below a dollar, then my trade analysis will be invalidated. It will also mean the long-term bearish move will continue.
MANA Daily Chart
