MANA Bloats 3.5% In Last 24 Hours, And Traders Now Smell Profit

Christian Encila

2 years ago

3 mins read

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MANA, the cryptocurrency used as payment for goods and services in the metaverse project Decentraland, has already lost 33% of its value over the last 30 days.

After going all the way up to $0.7339 on November 5, the asset was on a consistent decline that pulled it down to a monthly low of $0.3611 on November 22.

Below, a summary of how MANA has been performing in the last few days:

MANA registered an increase of more than 6% over the last seven days
The crypto asset succeeded in recapturing the $0.40 marker
A climb above the $0.50 category remains possible for the token

Since then, the digital token has engaged in multiple attempts to trim its losses, starting with recapturing the crucial $0.4 marker. So far, the crypto has been successful in this endeavor.

At the time of this writing, according to tracking from Coingecko, the altcoin has managed to increase its value by 3% during the last 24 hours to trade at $0.4174.

Over the previous seven days, MANA has tallied an impressive gain of 6.2% and its price action indicates traders are poised to make profit with the asset.

More Bullish Breakout Possible For MANA

When the bulls successfully found a resting zone at $0.2572 after the FTX implosion last month that made the cryptocurrency lose all its gains prior to the unfortunate event, MANA price movement ended up being caught in an ascending triangle pattern.

Source: TradingView

In crypto space, this kind of price trajectory denotes a bullish rally and, in the case of the crypto, some of its technical indicators are suggesting it is not yet done recovering its losses and is headed for another upward breakout.

Its Relative Strength Index (RSI) is steadily rising and has moved out of the oversold territory, indicative of diminishing seller influence and increasing buying opportunities.

Moreover, after being flat for about two weeks, the altcoin’s On-Balance Volume (OBV) moved up, indicating a rise in trading volume brought about by healthy buying momentum.

Finally, MANA has established a bullish MACD which is considered to be a buy signal for an early uptrend.

Given all of these considerations, experts predict that if Bitcoin, being the leader of the pack, is able to recapture and hold the $17K turf, the Decentraland digital token will have $0.4740 and $0.5054 as its next destination.

Investors Should Still Be Wary

Holders, prospective buyers and traders must not be complacent due to the idea that they could make sizable profit from MANA right now as there’s still a chance that the bullish thesis could be negated.

Analysts believe that if the crypto fails to close today’s sessions with a price that is higher than the $0.3572 support zone, it will abandon any chance it has of hitting its next targets.

Moreover, Bitcoin is also integral to MANA’s progress as its failure to sustain the $17K region could doom the 57th largest cryptocurrency in terms of market capitalization.

At the time of this writing, BTC is changing hands at $17,025 and is dangerously close of falling back to the $16,000 region once again.

MANA total market cap at $772 million on the weekend chart | Featured image from CoinCentral, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.