There are some signs right now that perhaps Decentraland (MANA) may be coming out of its bear market trend. The coin has rallied for the last 8 days in a row, making it one of the top-performing cryptos. But despite this bullish upside, some indicators suggest that a pullback is very possible. Here are some highlights though:
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The recent bullish surge has seen MANA rally by a whopping 70% compared to January lows
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At press time, the coin was trading at $2.65 with the $3 mark looking quite possible.
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Despite this, some indicators suggest that we may see some pullback in the price action in the coming days.
Data Source: Tradingview.com
Decentraland (MANA) – Analysis and price prediction
After hitting monthly lows in January 22, it seems like Decentraland (MANA) has simply decided to fly. The coin is up nearly 70% from that period and has surged past a crucial resistance zone of $2.5.
At the time of writing, the coin was trading at $2.65, holding off any selling pressure that we have seen in the past at the $2.5 mark. There are some analysts who in fact see the token heading well above $3.
But despite this, we have seen a hidden bearish divergence between the composite index and the candlestick chart. This could suggest that a pullback for MANA is possible and may happen over the coming days.
Are metaverse tokens ideal investments?
Decentraland (MANA) is one of the main metaverse tokens in the world right now. During the January crypto winter, these tokens were hard hit. But the recent surge in MANA shows that investor appetite for the metaverse remains strong. We don’t expect this to change in the future, so in the long run, metaverse tokens like these ones are going to deliver immense value for investors.