MANA, the cryptocurrency used in the Metaverse project Decentraland to pay for goods and services, has already lost 33% of its value in the last 30 days.
After rallying as high as $0.7339 on Nov. 5, the asset has been in a steady decline that has taken it to a monthly low of $0.3611 on Nov. 22.
Below is a summary of MANA’s performance over the past few days:
- MANA up more than 6% in the last 7 days
- The crypto asset managed to reclaim the $0.40 level
- A move above the $0.50 category remains a possibility for the token
Since then, the digital token has made several attempts to cut its losses, starting with reclaiming the crucial $0.4 mark. So far, the crypto has been successful in this endeavor.
According to tracking off at the time of writing this article coingeckoThe altcoin managed to gain 3% in value in the last 24 hours to trade at $0.4174.
In the previous seven days, MANA has posted an impressive 6.2% gain and its price action shows that traders are poised to make profits on the asset.
More bullish breakout possible for MANA
When the bulls successfully found a calm zone at $0.2572 after the FTX implosion last month that caused the cryptocurrency to lose all of its gains prior to the unfortunate event, MANA price action eventually got caught in an ascending triangle pattern.
Source: TradingView
In the crypto space, this type of course history is suggesting a bullish rally, and in the case of crypto, some of its technical indicators suggest that it is not quite finished erasing its losses and is heading for another upside breakout.
Its Relative Strength Index (RSI) is rising steadily and has exited the oversold territory, indicating decreasing seller influence and increasing buying opportunities.
Additionally, the altcoin’s on-balance-sheet (OBV) volume rose after being flat for around two weeks, indicating an increase in trading volume driven by healthy buying momentum.
Finally, MANA has established a bullish MACD which is considered a buy signal for an early uptrend.
With all these considerations in mind, experts predict that if Bitcoin as the leader of the pack is able to retake and hold the $17,000 turf, the Decentraland digital token will target $0.4740 and $0.5054 next.
However, investors should be cautious
Holders, prospective buyers and traders must not be satisfied with the idea that they could make substantial gains from MANA just yet, as there is still a chance that the bullish thesis will be negated.
Analysts believe that if the crypto fails to close today’s sessions with a price above the $0.3572 support zone, it will give up any chance of reaching its next targets.
Furthermore, Bitcoin is also an integral part of MANA’s progress as its failure to sustain the $17,000 region could cause 57 to failth largest cryptocurrency in terms of market capitalization.
At the time of writing, BTC is changing hands at $17,025 and is dangerously close to falling back into the $16,000 region.
MANA Total Market Cap at $772 Million on Weekend Chart | Featured Image from CoinCentral, Chart: TradingView.com
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