Russia Moscow 30.05.2021.Logo,screenshot of blockchain nft ethereum cryptocurrency game Decentraland in laptop,mobile phone.Man playing with crypto coins,token MANA.Earning digital money.Lands,heroes.
This article will take a shot at MANA price prediction, considering the current market dynamics. MANA crypto has been constantly downtrend since hitting an all-time high of $5.85 in November 2021. The fears of quantitative tightening and ongoing unrest in Eastern Europe seem to be the reason behind this downtrend. Nevertheless, Decentraland price now appears to be breaking out of the symmetrical triangle now. This signals a bullish reversal after hitting the lows of $1.70 in January 2022.
Decentraland is a 3D virtual world that allows anyone to acquire assets like land, wearables etc., as NFTs. These NFTs can be purchased by MANA coin, the native cryptocurrency of Decentraland metaverse. Ethereum powers Decentraland, and the MANA token is an ERC-20 asset. Before moving on to MANA price prediction, let’s look at some MANA news.
According to the latest Decentraland news, the metaverse platform has partnered with more than 70 brands for Metaverse Fashion Week. Such events have been very bullish for MANA price in the past. The event has already started on 24th March 2022 and will end on 27th March 2022. Top brands including Dolce & Gabbana, Tommy Hilfiger, and Forever 21 will be showcasing their NFT collections during the event. The interest by such major brands in digital assets depicts that virtual reality could be the next big frontier.
At the time of writing, MANA price is trading at $2.66. Currently, it is 55% down from its November 2021 ATH of $5.85 and has a market cap of $4 billion. However, technical analysis of the Decentraland price chart shows that the price has already broken out of the downtrend. If the price confirms this breakout by a retest, then MANA price could skyrocket.
If the top metaverse coin doesn’t make any lower low than $2.20, then MANA price prediction could be very bullish. In such a scenario, $4.40 could be a conservative price target. However, if the price flips $4 with volume, another ATH is also possible in 2022. $8 and $16.7 could be the new all-time high depending on the overall state of crypto markets. These levels are 1.618 and 3.618 Fib levels of the ongoing retracement from $5.85 all-time high.
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