Decentraland’s MANA may have bottomed at $0.78, but buyers be cautious

• Decentraland is a blockchain protocol for powering individuals to the Metaverse.

• MANA/USD has been bearish but is keeping $0.78 support intact.

• Watch for a potential breakout or MA support for price movement confirmation.

Decentraland’s MANA/USD has held key support of around $0.78 since mid-May. The support coincided with oversold conditions, with the RSI at 19 on May 13. However, potential surges have been muted as the overall crypto sentiment remains weak.

Decentraland aims to power organizations, entities, and individuals to the virtual world or the Metaverse. An array of activities last year saw its native token MANA stage strong gains. On Decentraland, people can acquire virtual assets, including avatars and land. They can also play games. In mid-June, Yahoo said it intends to host virtual events in Decentraland for Hong Kong residents. Samsung and JPMorgan are other entities seeking to enter the Metaverse through Decentraland.

With the growth of virtual assets and Metaverse, Decentraland will benefit. Its native token MANA/USD will surely make a comeback. However, despite MANA/USD holding to a support zone, the situation is still bearish. We believe $0.78 is a key area for investors seeking to buy MANA/USD.

MANA’s price keeps $0.78 support intact despite a bear market

Source – TradingView

MANA/USD holds onto the $0.78 support. The price is consolidating, suggesting a potential breakout could occur soon. The 14-day and 21-day moving averages offer slight support, but we can’t confirm a bullish move now. 

Two scenarios are evident for MANA. A bullish reversal will be confirmed by a cross-over of the 14-day MA above 21-day. The price must remain above both moving averages. A break below the $0.78 support will confirm a bearish momentum. Currently, MANA/USD will keep consolidating as the weak sentiment prevails.

Summary

Decentraland’s MANA is consolidating with no directional movement. The $0.78 support holds the price in place. Watch for key signals before getting in.