Have you ever been seeking to buy Decentraland’s (MANA/USD) this month? Sadly, a technical outlook exhibits the metaverse token isn’t prepared but. The token has claimed a brand new low within the yr and appears more and more bearish. A minimum of, we count on a possible new low, and you wouldn’t need to chase the clouds for now. What is going on?
A chronic crypto winter has dealt a blow to the once-booming metaverse sector. Consequently, MANA has misplaced 92% of its worth since November 2021. The token now trades on the lowest worth since June 2021, shedding its post-boom surge within the course of.
Maybe it has change into lonely there within the metaverse as crypto winter ravages. In response to information launched by DappRadar final month, metaverse platforms, together with Decentraland, are struggling to retain customers. The low growth exercise has been answerable for the worth weak point. Buyers might have to attend longer earlier than we see one other restoration for the token.
MANA technical outlook exhibits weakening momentum
On the day by day chart, MANA is on a transparent downtrend. The important thing stage at $0.8 was examined, permitting the cryptocurrency to proceed decrease.
Technical indicators are additionally bearish. Since August, the 20-day MA has by no means recovered above the 50-day MA. The MACD indicator stays within the bear zone. The momentum is weak, and the bear strain is rising additional.
What subsequent for MANA?
MANA is heading to a bottomless pit after hitting the June 2021 lows. Though the bulls can arrest an extra decline beneath the extent, there isn’t any such indication but.
We maintain a bearish view till appropriate help is discovered and MANA exhibits enough upside. A restoration above the $8 resistance can be preferrred to think about a bullish view.
The place to purchase MANA
eToro
eToro presents a variety of cryptos, corresponding to Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro customers can join with, study from, and replica or get copied by different customers.
Binance
Binance is without doubt one of the largest cryptocurrency exchanges on this planet. It’s higher suited to extra skilled buyers and it presents a lot of cryptocurrencies to select from, at over 600.
Binance can also be identified for having low buying and selling charges and a a number of of buying and selling choices that its customers can profit from, corresponding to; peer-to-peer buying and selling, margin buying and selling and spot buying and selling.