In the past two days, MANA is down by 9 per cent. The continued market drop is a continuation of the past few months that saw MANA lose 70 per cent of its value year-to-date. However, today’s trading session is showing signs of a likely MANA bullish trend, with prices already up by almost a percentage point.
Surprisingly, despite long-term data showing the price of MANA being in a very aggressive bear market, the past three weeks have resulted in a 79 per cent price gain for MANA. The cryptocurrency has also been among the fastest to recover from the May 9 cryptocurrency crash that resulted from UST and Terra market wipeouts.
Part of the reason for the recovery has been the continued surge in traction of the platform. In the past few months, the metaverse technology has grown in popularity, which has resulted in the number of Decentraland users surging. Investors have also been observing keenly the recent developments of the platform, such as linked wearables. Some of them have even gone ahead and invested in the platform by buying virtual property for their businesses.
MANA Price Prediction
MANA’s price dropped by nine per cent in yesterday’s trading session. Today, the prices have traded with a much lower momentum, recording less than a percentage price gain. Despite today’s slow markets, it is likely that we may see MANA continue with the bullish move throughout the day and close high.
Looking at the chart below, we can see the Williams Alligator lines converging. This is an indication that the momentum in the markets has slowed down. The indicator is also showing signs of a price reversal. The latest price action also shows that prices have traded sideways in the past four days after the latest price corrections.
Therefore, my MANA price prediction expects the prices to resume the bullish trend that started on May 12. There is a high likelihood of the prices trading above $1 again. My price expectation is to see the price trading above $1.5 in the next few trading sessions. However, if the prices fall below the $0.8 price level, then my bullish analysis will be invalidated. It will also mean a likely bear market for MANA.
Mana Daily Chart
