- The token can give great short-term returns.
After reaching its support level, MANA has been on an upward trend recently. At the current levels, MANA has begun to consolidate, forming a demand zone.
MANA on daily chart
The token has given its breakout of a double bottom pattern on the daily chart, however after hitting its nearby resistance it pulled back and is currently consolidating at its current levels. Therefore, in order to invest in this token at the present levels, we must wait for a strong consolidation zone to form. Once that zone has formed, we can then invest in the token because, following the zone’s breakout, the price is predicted to increase to $0.9637, which is its next nearby resistance.
MACD – The MACD has formed a bullish cross. On the MANA daily chart, a rising trend is indicated by the MACD’s bullish crossover. Although the MACD histograms are turning light green, which indicates that the bulls are losing strength, as soon as the price increases, the histograms will turn dark green once more, which indicates that the bulls have recovered.
Relative Strength Index (RSI) – The RSI curve has crossed the 50-point mark at 76.28, according to the relative strength indicator (RSI). The rise in token values has enhanced the value of the RSI curve. If the price increases considerably more, the RSI curve can move dramatically higher.
Analyst view and Expectations
Long-term investors should hold off on purchasing the token until they see a Golden Crossover since it looks wonderful for short-term investments but not so great for long-term ones.
According to a MANA price forecast by CoinsKid, the token may trade for $0.9792 in November 2023. The website then predicted the decentraland price for 2025, stating that it might start the year at a potential $1.04 before dropping to $0.9396 in October and closing the year at $0.9881.
According to DigitalCoinPrice’s forecast for the token’s price in 2023, it might average $0.99 during the year. According to the platform, MANA might cost $1.30 on average by 2024. Then, DigitalCoinPrice predicted the price to be $1.70 for 2025. The MANA price forecast on the platform indicates that in 2030, the token may trade for an average price of $5.55.
According to a MANA price forecast on PricePrediction, it may cost an average of $0.58 in 2023, $0.86 in 2024, and $1.22 in 2025. According to the website, the cryptocurrency may potentially reach $1.83 by 2026 before potentially reaching $2.68 in 2027 and $3.78 in 2028. PricePrediction predicted that MANA might be worth $5.77 by the end of the decade and then predicted that it could be worth $7.99 by the year 2030 .
Technical Levels
Major resistance -$1.1061
Major support -$0.2861
Conclusion
The token is available for investment by anyone who is looking to get some great returns in a short time span.
Disclaimer: The opinions expressed in this work, along with any other opinions stated, are provided for informational purposes only and are not intended to be taken as financial advice. There is a danger that you could lose money while buying or trading cryptocurrencies.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/21/mana-technical-analysis-decoding-the-cryptocurrencys-digital-fortune/