Decentraland Price Update: MANA Price Prediction for 20th March 2023
At the time of writing, Decentraland (MANA) is trading at $0.6552573 USD. Although the token price is slightly down by 0.15% during the intraday trading session, the current market value of MANA is still subject to fluctuations in the coming weeks. Here’s what you need to know about the latest Decentraland price prediction.
According to price analysis, Decentraland is currently in a downtrend, with token prices currently below the 20, 50, 100, and 200-Day EMAs. After a significant fall in 2022, the token saw a brief period of bullish activity in May before falling again below its primary support level of $0.610. As of December 2022, the token was still trading below its primary support level and set a new 52-week low on the last day of the year.
However, after the start of 2023, the token began to rise again, breaking its primary support and resistance levels along the way. Unfortunately, the token soon fell back below its primary resistance after touching its secondary resistance. This reversal was due to the formation of the shooting star candlestick pattern, which signaled that sellers had gained control of the market.
In the last 24 hours, the coin’s trading volume has decreased by 19.44%, indicating an increase in the number of sellers. This decrease in volume suggests that sellers are currently dominating the market, which is a bearish sign. As such, the current downtrend in Decentraland’s price is expected to continue in the short term.
While the future of Decentraland’s token price is uncertain, the above analysis suggests that investors should be cautious in their trading decisions. As always, it’s essential to do your own research and stay up to date with the latest news and developments in the cryptocurrency market.