Decentraland (MANA) Price Forecast: Current Value and Predictions for March 17th, 2023
Decentraland (MANA) is a virtual reality platform that allows users to buy, sell, and develop digital assets and experiences. Here’s a look at the latest Decentraland price prediction, along with the current conversion rate to USD.
Decentraland Today’s Price:
As of March 17th, 2023, the price of Decentraland is $0.5571895 USD.
Decentraland Price Prediction: During the intraday trading session, Decentraland was trading at $0.5764, down 0.15%. The token is currently trading below the 20, 50, 100, and 200-Day EMAs. The MANA/BTC pair was trading at 0.00002576 BTC, down 0.16% during the same session.
According to price analysis, Decentraland is currently experiencing a downtrend. The token saw a sharp decline after 2022, indicating that sellers dominated the market from the start of the year, as shown on the daily trading chart.
In May 2022, bulls returned to the market, allowing the token to rise above its secondary resistance level of $0.861. However, sellers soon took over, pushing the token below its primary support level of $0.610. Due to seller pressure, the token continued to trade below its primary support for the remainder of the year. On the last day of 2022, sellers forced the token to set a new 52-week low.
Since the start of 2023, the token has been trending upwards, breaking its primary support and resistance levels along the way. However, when the token touched its secondary resistance, it fell back. The shooting star candlestick pattern formed, giving sellers the upper hand in the market and causing the token to fall below its primary resistance.
In the past 24 hours, the coin’s volume has decreased by 19.44%. This decrease in volume indicates an increase in the number of sellers, which suggests that sellers are exerting their influence in the market. This also demonstrates a correlation between volume and MANA price, indicating strength in the current bearish phase.