Briefly
- Decentraland (MANA) witnesses selling momentum, and proponents await long positions liquidation to fuel more drop.
- Meanwhile, the metaverse token has experienced increased popularity and social dominance due to its recent partnerships.
- Digital real estate selling in the Decentralized network progresses as different brands invest in the metaverse.
- Analysts observed lower lows on the MANA price chart, forecasting a rounding-off outcome and trend reversals at some level.
Decentraland (MANA) moves in downtrends, printing lower highs within the past week. Crypto analysts expect selling pressure to increase on the metaverse coin, translating to further downward actions.
Derivatives Price Might Suffer More Falls amid Offloaded Longs
The metaverse coin MANA has had its price posting lower highs for one week now. That indicated downtrends for the alt. Enthusiasts trust that MANA encountered resistances and lower price zones. With that, long positions can see offloading. Decentraland coins flooding exchanges might increase selling strength, fueling a bearish thesis.
MANA has recorded more than 25% plunges within the past two weeks. The token sees increased selling momentum across exchanges despite institutions and brands pouring capital into digital real estate on the Decentraland ecosystem.
A YouTuber and crypto analyst Tyler Hill examined MANA price movements and noted the Decentraland coin touched lower highs successively over last week. The analyst observed three trend reversal missed opportunities with the downward trend.
Hill stated that the lower lows distance gets shorter, which means a rounding-off effect. MANA price might recover, allowing bulls to push higher after the downside pressure eases. Meanwhile, crypto experts expect MANA to outshine Play2earn metaverse coin Axie Infinity after Decentraland recovers from the bearishness. Meanwhile, FXStreet analysts remain bullish on MANA, awaiting a rebound towards $4.
For now, Decentraland (MANA) remains in downtrends amid selling momentum. The metaverse coin has chances to dip before gaining upward momentum. That comes as the overall crypto space hovers within bearish waves. Bitcoin tries to rise past the $50K hurdle as several failed attempts.
However, analysts remain bullish as far as MANA price is concerned. Moreover, digital land buying and metaverse see increased traction. With that, Decentraland price can witness lucrative upswings after the current downtrends fade.
