Despite posting exemplary performance in the last bull run, MANA prices are now under immense selling pressure, moving in lock-step with the broader crypto market that’s now down double digits in the past few weeks.
MANA prices peaked on November 5, 2021, rallying to $5.9, before retracing and tanking 60 percent to spot rates. Even so, if from a top-down approach, MANA’s performance is not as bad as current price action paints.
In this article we lay out our MANA price prediction for 2022, holding the view that the project’s future is promising.
MANA Trend Analysis
The MANA price is down more than 60% after peaking in late November 2021. Afterward, the sharp dump of MANA saw the token find local bottoms at $1.70 on 22 January 2022 before finding a relief pump forcing the token back to $3.5.
However, based on the candlestick arrangement in the daily chart, this bounce seemed to have been a series of lower highs, a precursor for another leg down that saw MANA sink by over 35%.
Based on this development, bears appear to be in control in lower time frames. Thus far, MANA prices are trending below the 200-day Moving Average as seen in the daily chart. This is sufficient evidence that MANA is under immense selling pressure and in bear territory.
MANA Price Prediction on The 1-Day Chart
On the daily chart, MANA is trending lower and is below the 200 MA. However, the good news is that the coin is still above major horizontal support at around $1.63. As long prices are above this level, long-term MANA price prediction is positive.
Nonetheless, if the crypto markets begin tanking, it is highly likely that MANA prices will continue dropping, continuing the price performance of the past five months. In that case, MANA bears could retest the primary support line at around $1.63.
If the price bounces off it, that would be a sign of strength, an opportunity for optimistic bulls to scoop on dips. Recovery from those levels could see MANA float higher, retesting the ascending trend line clear on the daily chart.
Swing traders may unload MANA once there is a retest of the trend line. Meanwhile, traders can hold tight, wait for a strong close above the resistance trend line in anticipation of a strong surge to all-time highs.
On the flip side, if MANA prices break below the major horizontal support, it is likely that MANA would be in for a protracted bear run that may see the token sink to new 2022 lows – or worse as sellers unwind gains posted in the first half of 2021.
MACD – The signal line is below zero and histograms are smaller, pointing to low price volatility.
RSI – RSI is at 45 and maintains a bear gradient. This suggests that the MANA sell momentum is high and an indicator of weakness.
MANA Price Prediction on the 1-Week Timeframe
They say “always zoom out” for good reasons. When you switch to the weekly MANA chart, you can see that the long-term uptrend is intact. Encouragingly, the “current bear market” is nothing more than a healthy correction after the impressive prie advance in the better part of 2021.
Currently, the MANA price is well above the major trendline that was established in 2020 and early 2021.
Therefore, technically, as long as the MANA price is above this trendline, long-term investors are in safe waters.
In a case where price breaks below the major horizontal support as highlighted in the weekly chart, prices could drop as low as $1, retesting a major trendline. If that happens, we’d probably see a strong recovery in a buy trend resumption.
Based on the candlestick arrangement and MANA/USDT price layout in the weekly chart, if all support and trendlines emerge as strong reaction points, MANA will resume its uptrend, and rally to all-time highs of ATH at $5.9 – as buyers target new all-time highs.
From the price alignment in the weekly chart, buyers appear to be squarely in charge and MANA’s prospects look solid and very bullish. All the same, this preview is as long as the MANA price remains above major support trend lines.
- MACD – MACD is below the signal line, pointing to weakness. Histograms are below the zero line, indicating weakness.
- RSI – The RSI has a negative gradient, dropping below 50. At spot rates, this move indicates weakness in the trend.
Main horizontal support: $1.63 – MANA has to stay above this level to stay bullish in the medium term.
The $0.77 to $1 zone is an important support range where the MANA price was spent a few months during consolidation in 2021. If MANA loses this level, it could signal weakness and bears taking over.
The support at $0.10 – This is old MANA support that once served as resistance. In the worst-case scenario, the MANA price can drop to this level. Anything below it would mean that the project is probably dead. Hopefully, we’ll never again see the MANA price so low.
Social Media Sentiment
Decentraland (MANA) will rule the metaverse, according to Coin Bureau. With the rise of the metaverse and both blockchain and tech companies working on being the first to roll out fully functional and interactive metaverses, Decentraland stands out as one of those top projects to closely track:
MANA primed for $3 according to FXStreet’s analysis. The preview is purely based on candlestick formation and deductions drawn from the reaction of prices at key levels. From MANA price action, the token could soon break above the recent trend range towards $3.
Will MANA coin go up?
Decentraland is a massive metaverse project and MANA is central to this ecosystem. With more investors pouring in and millions being sunk, fundamental factors are green, and a reason why MANA will recover and rise in the days ahead.
Is MANA going to crash?
The direct correlation between the crypto market and MANA means the latter would be adversely affected if crypto markets are suppressed. Therefore, whether MANA will crash or not depends on the performance of the sphere and how the metaverse industry evolves in the medium term. However, considering the high Decentraland market cap, the team’s experience, and the high-profile investors tied to the project, MANA may weather the storm and recoup the losses posted.
Can MANA reach $10?
How fast MANA rises to $10 depends on the strength of buyers in the medium term and the speed at which immediate resistance levels in the weekly chart are broken. While the odds of MANA reaching $10 is medium, the possibility of the token surging to record highs cannot be taken off the table.
How high MANA can go?
Based on the Fibonacci extension levels of the second half of 2021, MANA prices can soar to $20, especially once there is a sharp close above MANA’s all-time highs of around $5.89, representing a near 10X rise from mid-March 2022 rates.
Is Shentu Chain (CTK) a Good Investment?
Russian Lawmaker Suggests Nation Could Accept Bitcoin for Oil Payments
Loopring (LRC) Price Prediction 2022
Is API3 a Good Investment?
SuperRare (RARE) Price Prediction 2022
Price Analysis1 year ago
Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months
Learn2 years ago
Is Polkadot (DOT) A Good Investment?
Learn1 year ago
Yearn Finance Explained: A Simplified Guide to YFI
News2 years ago
How Will Bitcoin React if Either Trump or Biden Wins?
Price Analysis1 year ago
China FUD, Path back to $13k or $20k?
Learn2 years ago
Is Chainlink (LINK) A Good Investment?