Decentraland bears push price action below crucial support
The February crypto boom was kinder to most metaverse tokens, and Decentraland (MANA) was not any different. After the initial slump in January, the coin had rebounded and started to show signs of promise. But things have taken a turn in recent days:
MANA at one point tested the highs of $4 during the February run.
The coin has since fallen sharply ever since, trading at $2.66 at the moment.
MANA has also fallen past a crucial support zone of $2.7.
Data Source: Tradingview
Decentraland (MANA) – where does it move next
There was a lot of bullish commentary on Decentraland (MANA) in recent days. In fact, despite showing some weakness, there was real hope that the metaverse token would in fact bounce back. Some analysts even saw the coin retesting $4, although it had fallen below $3.
But there was one caveat in all this. The bullish thesis would only hold if MANA was able to keep the price action above the crucial support zone of $2.7. This did not happen. At the time of writing this post, MANA was trading at around $2.66.
So, what happens next? Well, it is important to note that the coin has not slid far away from $2.7 and could still bounce back. The key will be to watch the week’s close. If it doesn’t pull up, then we may see the coin retreat towards its next support level of $2.5.
Why could Decentraland (MANA) be a good asset now?
With all the talk about the metaverse, we haven’t really seen a lot of huge projects come out in recent months. There are of course many upcoming metaverse projects.
But even with that, the fact still remains that Decentraland (MANA) is by far one of the largest coins in this category right now. There is real potential for significant future growth in the near and long term.