Decentraland (MANA) has continued to move lower over the past few days. In fact, the coin was under pressure throughout April. Sadly, with the MANA on sale, it doesn’t look like things will get better anytime soon. Here’s what you need to know:
Despite the continued decline over the last month, a trend reversal is unlikely for MANA at this time.
The coin may bottom at $1 in the short term before the next bull run
MANA has closed in the red for five straight sessions.
Data source: Tradingview
Decentraland (MANA) – Price Prediction
April is one of the most difficult months for MANA. The coin has largely been in a downtrend throughout the month, with price action failing to bounce back so far, although there are some signs that the sell-off may ease. But the worse is not over yet.
In fact, we do not expect this downward trend to reverse anytime soon. Therefore, MANA will continue to decline in the short term and may bottom out at $1 before the next bull run. That would be a loss of nearly 50% from current prices.
Also, the decline in MANA did not start in April. The coin actually peaked in February, trading around $3.55. This is the best price for 2022. However, MANA is down more than 50% from these highs and more losses are expected in the coming weeks.
Will MANA rise again?
Yes, MANA will rise again. Metaverse tokens still have a lot of upside in the long run. However, the current market sentiment remains very unpredictable.
We may see a period of continued volatility and selling pressure before price action finally stabilizes. Nonetheless, we still think MANA will deliver incredible returns this year, although it will struggle to be successful in 2021.