Decentraland (MANA) crashed to a six-month low due to security issues on the platform that raised a question about the project outlook. However, on 3rd May 2022, Decentraland said that the issue related to the LAND contract was solved. Moreover, Decentraland Foundation, which maintains the project, conducted two audits on the LAND smart contract to ensure no issue is unsolved.
MANA is the utility token of the Decentraland metaverse used in making transactions to buy and sell digital goods, lands, and elements in the Decentraland metaverse. MANA is trading below the $1.00 psychological level in the recent price chart before moving 43% down from a month ago. MANA is an ERC-20-based token where the 1.84B MANA token is in circulation. In the last 24 hours, the trading volume of this token decreased by 22% to $376,532,250, while the market cap remained at $1,767,860,931.
Let’s see the Decentraland Price Prediction from the MANA price prediction:
MANAUSD Awaits Further Loss From The Broader Crypto Crash
The selling pressure in the broader crypto market is visible from the Bitcoin chart, where multiple price patterns show an extreme downside movement. Following BTC, the altcoin market remained under pressure, and there is no exception for the Decentraland (MANA).
Although the MANAUSD price showed buyers' interest from the 0.6147 support level, it failed to hold the momentum above the dynamic 20 EMA. Instead, the price rejected the 1.3700 level with a bearish candlestick and moved down, followed by the 20 EMA carry. In that case, bears have a higher possibility of winning where further downside pressure is pending in this pair.
The above technical analysis shows how the MANAUSD price trades in the daily chart where the dynamic 20 EMA is above the price. Moreover, in the indicator window, the RSI is bearish below the 50 level, where the primary aim is to test the 30 oversold level.
In the MANA Forecast, we can say that the selling pressure may extend towards the 161.8% Fibonacci Extension level or 0.1709 level, coming from the 0.6147 low to 1.3704 high. Any bearish opportunity in the intraday chart is likely to provide a higher return. On the other hand, the primary bullish sign would come from multiple violations of the dynamic 20 EMA.
MANAUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud analysis, MANAUSD trades within a strong selling pressure where the current price is trading below the cloud resistance with an impulsive bearish pressure. Moreover, the future cloud is also bearish where the Senkou Span aims lower below the Senkou Span B while the Lagging span faces no barrier to move down.
This technical analysis shows how sellers dominate the market from the Traders Dynamic Index indicator, where the TDI line reached the lower band with a strong position below the 50 neutral level. Meanwhile, the dynamic Kijun Sen and Tenkan Sen are above the price and moving down, indicating a strong dynamic resistance.
According to the MANA price prediction, the selling pressure in this pair towards the target of 0.7000 level is valid as long as it trades below the dynamic Kijun Sen. In that case, further selling pressure with bearish rejection candle sticks would increase the bearish pressure in the coming hours. On the other hand, a strong recovery with a stable price above the Cloud resistance would be the primary sign of the trend reversal.
MANAUSD Intraday Price Action Analysis
In the Decentraland price prediction, the visible range volume shows that the highest trading volume is present at the 1.0856 level, which is above the current market price. Moreover, the latest intraday high volume level is above the price, signifying sellers’ interest with the volume support. Besides, the dynamic 20 EMA is above the price, working as an immediate barrier to bulls.
This technical analysis shows how the MACD Histogram remained below the neutral line while the weekly VWAP is above the current price. Moreover, the MACD line pushed lower below the Histogram, indicating sellers’ dominance in the market.
Therefore, MANAUSD selling pressure may extend as it is supported by volume and dynamic levels. In that case, any bearish H4 close below the near-term swing low of 0.9042 would lower the price towards the 0.6147 area. On the other hand, a bullish recovery above the 1.1070 level with a strong H4 candle would increase the volatility in the H4 chart.
Is Decentraland (MANA) A Sell?
According to the Decentraland (MANA) Price Prediction, MANAUSD selling pressure is likely to extend, followed by the broader crypto market crash. In that case, investors should monitor how the BTC price is heading to find a positive correlation with the altcoin market.