Jacob Bury
Decentraland (MANA) crypto currently boasts a 38.65% increase in price from the Terra Luna crash on the 12th of May 2022. Even with Bitcoin recently crossing over the 200-week moving average.
Currently Decentraland is trading at roughly $0.82. This is an 86.3% correction from the all time high of $6.09 on the Binance exchange. Looking at the 4 hour time frame we can also see MANA is trading within an ascending channel. From a technical analysis perspective, this is typically a bullish chart pattern that encourages traders to go long.
Once the crypto markets do see a bullish reversal, Decentraland (MANA) could see the inception of a brand new uptrend. The decentraland roadmap also teases an exciting brand new mobile app and new protocol upgrades which will increase efficiency in 2022.
Cryptoassets are a highly volatile unregulated investment product.
Decentraland Crypto Price Prediction 2022
Decentraland went parabolic in October 2021, and in the fourth quarter of the 2021 crypto bull run we reached the all time high of $6.09.
Following this, the price action of MANA has been in a continuous downtrend. On the 1st of January 2022, MANA opened at $3.35 and has put through a local-low of $0.60. We are now trading at levels seen before between May-September 2021. Retrospectively, this would have offered fantastic returns investing at current price levels.
Decentraland (MANA) is currently ranked #33 on Coinmarketcap with a fairly large market capital of $1.548b. These are quite impressive numbers considering we are traversing the bear market. Another bullish factor is that MANA has 84.3% of its total supply unlocked with 1.85b coins circulating.
We are likely to see a bounce back up to the 20-day EMA on the daily time frame. This should bring the price of MANA back up to around $0.90 before potentially seeing rejection at resistance.
An interesting point to make is that despite the extreme fear in the market right now, MANA has not declined below an RSI level of 30 in June unlike many other altcoins. This suggests investors and holding and selling pressure is actually quite low.
If MANA breaks through the ascending channel we can look out for two price targets. One being the previous swing high of $0.91 and the other being $0.96.
What is Decentraland (MANA)?
Decentraland (MANA) describes its property as a virtual reality platform which is powered by the Ethereum blockchain. It’s an immersive experience that allows users to create, experience, and monetize content and applications.
In the virtual world Decentraland offers, users can purchase plots of land which they can explore and build on. Decentraland is heavily correlated with the Metaverse and NFT’s side of crypto. The growth of Game-Fi has certainly also helped catalyze positive price action for MANA.
MANA offers excitement from an immersive point of view and also strong investor appetite as the Metaverse sector is forecasted to grow.
Cryptoassets are a highly volatile unregulated investment product.
Decentraland (MANA) Price Prediction 2024-2025
Decentraland is the most popular Metaverse project in the crypto sector. MANA has already surpassed a $10b market capital during the crypto bull run of 2021. This leaves us wondering what potential numbers we could see in 2024-2025, or in the next crypto bull run (which may be in 2024).
The team behind the scenes at Decentraland have a fantastic roadmap which is currently in progression. The protocol upgrades will enhance the user experience and increase the network as a whole. During the 2018 bear market MANA was trading at a very modest $0.04, could current price levels be the equivalent bottom?
Let’s take a look at the Fibonacci extension tool. This will help us calculate a pragmatic price target for the future crypto bull runs.
The price levels we could potentially reach by 2025 during another bull run can be seen below.
- 1.272 Fib – $7.53.
- 1.414 Fib – $8.30.
- 1.618 Fib – $9.40.
It is hard to say when the markets will flip completely bullish again. For now, many macro-economical factors tell us that we are due a long-term crypto winter. However, the bear markets offer the greatest amount of return on investment when applying the hodl strategy.
I think Decentraland will maintain its place as the flagship metaverse project. MANA could be a very strong project to potentially buy now in 2022 if you have a long term vision.
Related
- Where to Buy Decentraland – A Beginner’s Guide
- 3 Best NFT Real Estate & Land Projects for 2022
- Best Metaverse Coins to Buy in 2022
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This article was written for Business 2 Community by Jacob Bury.
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Looks good, it’s at $0.90 right now. What does that show, and could it get higher or will it drop again.
Lots of alts bouncing now with BTC moving from 20k to 22.5k, some of the better crypto traders are saying we could see a relief rally for several weeks, MANA too