Ever since the crypto bear market that started in November 2021, Decentraland officially entered a bear market. Prices fell from a high of around $6 to a low of around $1.7. Despite a comeback that made MANA token double in valuation, prices continued on their downtrend. Today, prices are around $2.59. How could the MANA price continue? Is MANA crypto up soon? The chances of rising prices look bad for the time being. Let’s explain why in this MANA price prediction article!
What is Decentraland MANA?
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 Virtual Land, as well as virtual assets and assistance applied in Decentraland.
How does Decentraland work?
The concept is created to follow real estate packages specified by LAND tokens. The Ethereum blockchain is used to trace the ownership of this virtual land, and it urges users to provide their MANA tokens within an Ethereum wallet to join its environment.
The order of Decentraland is split into three zones:
- Consensus layer: A smart contract is utilized to trace land purchase and land content.
- Land content layer: To provide content, a decentralized administration method is applied.
- Real-time layer: Enables users to communicate with one another through peer-to-peer relationships.
Is Decentraland MANA Price down?
Well, compared to the highs of November 2021, all cryptocurrencies are down. But if we want to analyze MANA price for the short-term, we can definitely spot an interesting formation.
Decentraland price has formed a trend line during the current downtrend, which has led to falling prices. This trend line was tested for the fourth time recently. Today, prices are looking rather bearish, which makes us doubt that the price will break the trendline in a bullish manner. Instead, we assume that the price will fall again. That’s why we assume that prices will fall in the short term.
MANA Price Prediction: How far will MANA Price go down?
Should Decentraland price drop from now on, which we expect, we should see prices reach at least $2.50. That is where the first sub-support is, and where Decentraland price could find buyers. If the price breaks this support, we will anticipate the price to drop further towards $2.21. There is slightly stronger support there than the $2.50 support. Because of this, we also assume that the price will not fall below $2.50, and should reverse upwards.
For that specific case, we strongly recommend placing stop-loss areas slightly below $2.21 depending on the risk appetite of each trader. More info on risk management here.
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Decentraland MANA Guide – How To Bring Your Brand into The Metaverse?
MANA Price Prediction – Potential MANA Token BOOM of 175% soon?
Shiba Inu Price Prediction: Can SHIB Price reach $3 in 2023?
Top 3 Metaverse Cryptos you MUST Consider Buying
Top 5 Gaming Tokens to Invest In
Top 3 Metaverse Crypto Projects to Invest in for 2022
Cardano Price Prediction – How High can Cardano reach by 2030?
Top 5 Metaverse Tokens By Market Capitalization
Decentraland Opens Its Door For Blockchain Virtual Reality Experience
Top 5 Altcoins to BUY in April 2021 – Best Cryptocurrency Investments
Can Shiba Inu Price Reach 10 Cents?
Top 3 Metaverse Games for 2023 – Don’t Miss OUT!
These Three Cryptocurrencies Made people Rich in October 2021
Top 5 NFT Projects By Market Capitalization
BIGGEST Shiba Inu Prediction: How High can SHiB reach before 2023?
The Top 5 NFT Marketplaces
Top 3 Metaverse Tokens to Buy in April 2022!
Top 5 Metaverse Games For May 2022 – BIG BUY Opportunity?
You might also like
More from Altcoin
Which is a worthwhile choice in 2023: Dogecoin or Shiba Inu? This article is all about Dogecoin vs Shiba Inu. Let's …
It is essential to highlight the importance of cryptocurrencies despite the current crashing market. Here are 5 reasons why cryptos …