MANA is a platform that allows its users to trade, purchase,sell and develop virtual land in a MANA (COINBASE:MANAUSD) Decentraland Price Variationdecentralised manner.
MANA grew by 1020% overall which is fantastic because in 2022 major cryptocurrency were facing downfall because of some reasons.
The downfall in the growth rate of metaverse which affected the growth rate of Mana. It is interconnected to the metaverse.
Metaverse was growing rapidly till November 2022 but after that downfall has been seen. Hype was seen in the beginning of the year.
Source: COINBASE: MANAUSD by Trading View
In the yearly time frame, it was down by (60.70%). The token is forming a L shape design.
It means the coin was falling continuously. In 2022, it was in a straight line or a horizontal line.
Experts say that the market crashed due to the fall in the price of BTC and FTX. Some say the reason for the crash in the crypto market is not known till now.
The crypto market was down but was not out of the league. The inflow has reduced from 14.8 million to 3.2 million. It was almost reduced by 4 times.
Source: COINBASE: MANAUSD by Trading View
The chart clearly indicates that Mana is in downtrend. It might continue its downtrend by making another resistance on the trend line.
It was down by (14.60%) last month. this was opened to the public in February 2022 by Initial Coin Offering(ICO) of $24 million.
It’s governed by the Decentralised Autonomous Organization(DAO). Through the candlestick chart it will be more clear.
In the candlestick chart, the pattern of three black crows appeared around 3 times. It means that the prices will continue to move down in the future.
The pattern was correct as it is the downtrend only. It recorded 15/30 green days in the last 30 days which is around 50%.
The price volatility over the last 30 days was around 4.38% according to the coincodex website.
Source: COINBASE: MANA byTrading View
In the weekly time frame, it is downtrend and it was also down by (2.41%). In both weekly and monthly time frames, it is near the trend line.
It might be a sign of confirmation that prices in the future may go down. It is a prediction made by analysing the chart.
F&I index(Fear and Greed Index) is showing 45(Fear) and the market sentiments are bearish in nature.
Source: COINBASE: MANAUSD by Trading View
In the monthly, weekly and daily time frames, the token is forming the same pattern or the same trend.
Only the daily time frame showed a positive percentage which is around 2.20%.
Through the technical analysis we can conclude that the coin is not performing well in the monthly, weekly and daily time frame.
In the daily time frame, it is in a downward direction. In the monthly time frame, according to candlestick it may move lower in the future.
Also in the monthly and yearly time frame, the coin is not doing well.
Crypto investors should have proper knowledge about the cryptocurrency market.
Resistance Level- $0.8065
Support Level- $0.5776
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks comes with the risk of financial loss.
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