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Decentraland Price Action Indicates Overhead selling remains

The Decentraland Price is running into resistance at increasing lower levels, suggesting longs are eager to offload MANA tokens.

Like many gaming and metaverse-related cryptocurrencies, Decentraland’s MANA token has flipped from a bull to a bear market over the last month. Similar to The SandBox, Decentraland was one of the better performing cryptos in November, after Facebook rebranded to Meta. Following the announcement, a four-week buying frenzy lifted MANA almost 700% to a record price of $5.900.

At its peak, Decentraland had a $10 billion market cap and was one of the most valuable cryptocurrencies. However, MANA has lost $4 billion in value and now ranks the 28th-largest crypto behind Axie Infinity. Furthermore, the Decentraland price is struggling to turn higher and remains trapped by a descending trend line, which, until cleared, will continue to cap the market.

MANA price Forecast

The daily price chart shows the descending trendline at $3.300, in place from the November high is the first significant resistance level. Above that, the 50-Day Moving Average at $3.553 is the next obstacle for the bulls.

As long as MANA remains below the trend, the path of least resistance is lower towards the 100-DMA at $2.163. Considering the overall weakness of the cryptocurrency market and the size of November’s rally, I expect the bearish scenario to play out.

However, the price should increase if it clears trend resistance and the 50-DMA. On that basis, a daily close above $3.553 invalidates the bearish view.

Decentraland Price Chart (daily)

decentraland price

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