Decentraland’s MANA cryptocurrency has undoubtedly seen better days. According to the most recent available statistics, MANA has lost 80% in value within the past year, from a high of £5.02 in 2017.
A share of MANA can currently be acquired for just £0.41. Investor confidence has plummeted in light of the present market situation, making a cryptocurrency recovery more challenging. As a result, the question of whether MANA can survive or if it is a cryptocurrency that has already reached its expiration date arises.
Investors, traders, and prospective buyers should not expect MANA’s current position to perform miracles, as the market has become unfavorable due to the ongoing FTX tragedy. Technically, the token could be doing better. Token prices are currently above the 50% Fibonacci retracement line. Furthermore, it has just seen a price movement reversal.
The RSI values, which are currently in the oversold range, offer support for this idea. On the other hand, Chaikin’s Money Flow index is not encouraging. This indicator’s current reading of -0.25 indicates that bears have complete market control. The present day’s trading range is between £0.39 and £0.63.
A variety of price-increasing variables may have been influenced by the token’s connection to the Metaverse. A plot of Metaverse land in Decentraland was just purchased for £13360.79, or around 30,000 MANA coins.
Such improvements put MANA and Decentraland at the forefront of attention, raising interest in the coin and protocol. However, these may only be short-term gains. Despite the increasing retreat, the EMA ribbon remains bearish on the currency as the downturn continues.
As the crypto winter freezes MANA, the token’s price could either breach the current support at £0.39 and plummet to a new low of £0.30 or shatter the immediate resistance at £0.45.
Bulls, on the other hand, should defend the £0.39 support line, as a violation of this line could ignite additional selling. MANA investors and traders should keep an eye on the values of Bitcoin and Ethereum, as MANA has a 0.98 and 0.94 connection with the two largest cryptocurrencies, respectively.
MANA will follow the performance of the other two cryptocurrencies when the market recovers. For the time being, bulls should focus on consolidating and targeting the 61.80 Fib level.