Decentraland MANA ranks at 34th position in terms of market capitalization with a net market value of $4 billion. The price trend remains negative, but the negative aspect is put forth by its declining transaction volumes at frequent intervals. Such repeated price trends could project MANA as a hype token with limited growth potential from a technological point of view.
The price decline from $6 has put MANA under a lot of pressure; the buyers trapped at higher valuations will be interested in booking profits as they get out of the trap. Hence, Decentraland going beyond $6 sooner could act negatively.
MANA Price Analysis
MANA price trend becomes negative but formulates a stronger support level of $1.92 on the charts. With two bounces back from this support level and subsequent failure breaching this level could push Decentraland out of its current league. To get a clear idea about the future potential of Decentraland, traders should read more here before investing their hard-earned money.
From the last traded value of $2.19, Decentraland can easily take over the negativity surrounding its position. Even RSI cannot indicate the sentiment of MANA buyers as the charts are non-linear in nature. Sudden spikes to new highs and multifold returns followed by quick profit booking.
Fresh buyers should consider investing in MANA only after it shows the potential to retest its all-time high levels and cross $3 without further consolidation. The RSI indicator on daily charts is much weaker and showcases higher resistance levels around $3.5 and $4. Buyers should keep their distance from double-digit price rallies as Decentraland has historically turned such price trends into traps for buyers.
Source: https://www.cryptonewsz.com/decentraland-enters-a-make-or-break-level/