Crypto Investors and specifically crypto traders tend to neglect Metaverse Coins in their analysis and focus more on “standard coins” such as Ripple, Iota, Ethereum, Bitcoin, etc. But what about the MANA prices? This Metaverse token managed to increase extremely this year, and even made headlines when its prices soared by around 680%! In this MANA price prediction, we’re going to analyze the MANA token from a technical perspective, as it has the potential to boom further higher.
What is Decentraland Crypto?
Decentraland is a virtual world where users can purchase, trade, and create digital real estate, art, and non-fungible tokens (NFTs). Users can achieve this by playing games and joining different ventures in the virtual world. It runs on the Ethereum blockchain. Two various kinds of tokens oversee progress in Decentraland. These are:
- LAND – A non-fungible token (NFT) utilized to determine the purchase of land packages describing digital real estate.
- MANA – A cryptocurrency that allows possession of LAND, as well as virtual assets and assistance applied in Decentraland.
Decentraland Price at the GoldenPocket
When Facebook was renamed “Meta”, the Decentraland price was able to increase by several hundred percent and perform an all-time high of around $5.935. This huge increase in prices caused a big profit-taking event that caused prices to tumble. The strong sell-off happened all at once and the price was able to correct up to the GoldenPocket. Since the Decentraland price reached the GoldenPocket, the price has moved rather less. Since the GoldenPocket mostly serves as strong support, and if you look at the overarching chart, we do not assume prices lower than the GoldenPocket (+/- $2.46) for the time being.
MANA Price Prediction – Will MANA Token Rise Again?
Because the MANA Price is corrected to the GoldenPocket, we have formed a possible ABC sequence. This sequence can help us determine the new high or all-time high. In that case, we look at the 100 extension line and can read that the new high could be near $7.85. This would mean an increase of about 175%. The only requirement here is that the MANA Prices hold the GoldenPocket and don’t fall below it.
Technical traders approach trading and analyzing charts differently. You might decide to follow support/resistance levels, or maybe look at Fibonacci retracements or even trading volumes. What’s always important on the other is to always determine your risk tolerance, manage it, and make sure to stick to your plan. MANA prices reached a strong support area, which was confirmed by many indicators. That’s why we believe that further highs might occur soon.
On the other hand, this is all dependant on the performance of the entire cryptocurrency market as a whole. If the crypto market suffers from an additional bearish market, MANA prices might follow lower. That’s why placing adequate stop-loss levels will always be beneficial.