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Decentraland MANA ranks at 34th position in terms of market capitalization with a net market value of $4 billion. The price trend remains negative, but the negative aspect is put forth by its declining transaction volumes at frequent intervals. Such repeated price trends could project MANA as a hype token with limited growth potential from a technological point of view.
The price decline from $6 has put MANA under a lot of pressure; the buyers trapped at higher valuations will be interested in booking profits as they get out of the trap. Hence, Decentraland going beyond $6 sooner could act negatively.
MANA Price Analysis
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MANA price trend becomes negative but formulates a stronger support level of $1.92 on the charts. With two bounces back from this support level and subsequent failure breaching this level could push Decentraland out of its current league. To get a clear idea about the future potential of Decentraland, traders should read more here before investing their hard-earned money.
From the last traded value of $2.19, Decentraland can easily take over the negativity surrounding its position. Even RSI cannot indicate the sentiment of MANA buyers as the charts are non-linear in nature. Sudden spikes to new highs and multifold returns followed by quick profit booking.
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Fresh buyers should consider investing in MANA only after it shows the potential to retest its all-time high levels and cross $3 without further consolidation. The RSI indicator on daily charts is much weaker and showcases higher resistance levels around $3.5 and $4. Buyers should keep their distance from double-digit price rallies as Decentraland has historically turned such price trends into traps for buyers.
