MANA Price Prediction: Why Prices are Likely to Trade Below $2

Summary:

Mana's price is losing in today's trading session. This is after two consecutive bullish days that saw the cryptocurrency rise by 7.5 percent

MANA price is losing in today’s trading session. This is after two consecutive bullish days that saw the cryptocurrency rise by 7.5 per cent. However, the latest traction in the Mana cryptocurrency is likely to see the prices start to rise. This includes the latest announcement that Tokens.com was acquiring Decenland’s Music District.

The announcement will see the usage of MANA continue to go up. This is because MANA is the primary cryptocurrency used to buy things on the metaverse platform Decentraland. The cryptocurrency is built on the Ethereum blockchain protocol, making it user-friendly, fast, and with low transaction costs.

Mana growth is also expected to be driven up by investors who are currently snapping up virtual land in a metaverse ghost town. Besides holding some of the most popular metaverse events, Decentraland has remained mostly unpopulated and underdeveloped world. However, the report shows that the lack of engagement and mass traction is not deterring investors from putting their money on the platform.

One of the reasons that may be contributing to today’s drop in price may be the drop in trading volume. In the last 24 hours, a total of $240.91 million worth of MANA has been traded. However, this is a five per cent drop from the previous day. In addition, the general trend of the cryptocurrency has also been very bearish, meaning MANA may be resuming its trend.

MANA Price Prediction

Looking at the daily chart below, we can see that MANA prices have been trading within a descending channel since February 10. However, the chart also shows the current trend is bullish. This is confirmed by the Williams Alligator, which shows widening lines, a sign of a bearish move with volatility.

Although the last two trading sessions have closed with the prices gaining in the markets, I expect today’s session to close with MANA losing. I also expect the bearish trend to continue. There is a high likelihood that the current trend will see MANA fall from its current price of $2.18 and start trading below the $2 level.