The hype around the metaverse appears to have died down a bit. But there is no doubt metaverse projects are still very hot right now. Many experts see this as the next frontier of unlocking more utility for cryptocurrency. Decentraland is one key project in this area. But things haven’t really been going great for its native coin MANA. Here are some pointers:
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After massive success in 2021, MANA has fallen sharply from its highs.
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The coin is in fact 5x less valuable than it was just a year ago.
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MANA however offers some serious potential for future returns
Data Source: TradingView
MANA price analysis in the short term
Volatility in the crypto market right now is making it very hard for analysts to foresee where some coins will go. MANA however has remained in a very consistent downtrend since we crossed into 2022.
The coin has the potential to surge again but we don’t think this will happen in the near term. At the moment, the coin is heavily suppressed below the $1 mark. It has also failed to break the $1 resistance over the past six weeks.
This could suggest that there is an inherent weakness in MANA and as such, expect a bigger slump as the token retraces the $0.5 mark. Also, things could get even worse if the current crash we see in crypto lasts for long.
Should you buy MANA?
Decentraland is no doubt the biggest metaverse project right now. Even with its headwinds, the coin is still above many other projects in this space. But it will not stay there for long.
As big tech companies invest in metaverse projects, more exciting and better platforms will rise. So, even though MANA is a good buy now, it’s not something to hold for the long term. As competition heats up in the market, MANA will likely suffer major losses.