After a relatively positive week, the MANA price has taken a bit of a tumble over the past 24 hours. Decentraland has been growing exponentially with huge interest over its project vision but unfortunately, the price has crashed considerably. Since its all-time high of $1.54 in early May, the MANA price is now down to the $0.68 level or a decline of over 60%. However recent gains have shown MANA to be resilient with a recovery of almost 45% from its June 22 low.
The MANA (Decentraland) price is currently at the $0.68 mark. This represents a decline of around 10% over the past 24 hours when the price was at the $0.76 mark. It appears that bearish pressure has once again affected the MANA price after bulls were attempting to crack the $0.80 level. If you haven’t bought any MANA yet, reading this How To Buy Cryptocurrency Beginner’s Guide would be a useful start.
MANA price Short Term Prediction: Back Over The $0.70 Mark?
The MANA price seemed to be recovering substantially fast after its crash in mid-May. After reaching a low of $0.43 on 22 June, the price shot up to the $0.76 level on 10 July, a gain of over 40% over an 18-day period. However, it has now retreated slightly from that high and is trading in the $0.65-$0.70 range.
The next move logically for the MANA price would be to consolidate support at the $0.70 level and begin another leg up to the $0.80 mark where it would again begin to challenge the $1 level. The last time the $1 level was reached was on 18 May when the MANA price was $1.18. A swift descent from that level then occurred and Decentraland declined heavily ever since. If you’re looking to trade some cryptocurrency, take a look at some of these Best CryptoCurrency Brokers.
A bearish situation would invalidate the bulls charge for $1 however. If the $0.65 level does not hold, then the price could descend to the next level of support at $0.55 and then crash to below the $0.50 mark basically leaving it at the territory it was in late June. That situation does appear to be rather remote due to MANA’s strong support at the $0.55 mark. Buyers are also in the market for Decentraland.
Decentraland Long Term Forecast: A return to $1 Before End Of Year
Although the MANA price has taken a battering of late, several predictions are still bullish for the coin. Digital Coin has the price at $0.90 by the end of the year but a move in crypto market sentiment could push the price even higher. All in all the indicators for MANA (Decentraland) continue to be positive.
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