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were you looking for buy decentraland (MANA/USD) This month? Unfortunately, the technical outlook is that the Metaverse token is not ready yet. Tokens are looking increasingly bearish as they hit new year lows. At the very least, we anticipate potential new lows and don’t want to chase clouds for now.
The long crypto winter has taken its toll on the once-booming metaverse sector. As a result, MANA has lost his 92% of its value after November 2021. The token is currently trading at its lowest price since June 2021, losing its post-boom surge in the process.
Perhaps you’ve gotten lonely in the metaverse as the crypto winter ravages. According to data released last month by DappRadar, the Metaverse platform includes: Decentraland, is having a hard time keeping users. Low development activity has contributed to price weakness. Investors may have to wait further to see another rally in the token.
On the daily chart, MANA is in a clear downtrend. A key level of $0.8 was tested, allowing the cryptocurrency to go lower.
Technical indicators are also bearish. Since August, the 20-day moving average has never been above the 50-day moving average. The MACD indicator remains in the bearish zone. Momentum is weak and bear pressure is increasing.
MANA is headed into a bottomless pit after hitting June 2021 lows. The bulls could stem a further drop below this level, but there are no indications of that yet.
We remain bearish until we find a suitable support and MANA shows a sufficient upside. A recovery above the $8 resistance would be ideal to consider a bullish view.
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