Is MANA Coin a Good Investment?

Source: Binance Research

MANA is among the most attractive cryptos sweeping the crypto world by storm. This year the coin has surged to an all-time high price of $5.85 in November.

However, the coin neither connects to BTC nor is it hyped either. But for those that know the coin, it has been in existence since 2015, and it is undoubtedly a good investment.

What is Decentraland

Decentraland (MANA) is a virtual reality platform on the Ethereum network(ERC-20), allowing users to create, experience, and make money with content and apps. MANA went through an ICO worth $24 million in 2017.

READ ALSO: Axie Infinity Sync: All You Need to Know

The primary purpose of MANA tokens is to pay for various names, avatars, and others on the Decentraland marketplace. The coin can make you profitable this year. This is why MANA makes it a good investment.

Decentraland: Metaverse Game

Decentraland is the leading metaverse game. Investing in this blockchain-based game will help move the price up to and give you as much profit as you need. This is the fastest-growing space with a growth potential powering the future of gaming.

Fundamentally, MANA is a game, and anyone can interact within the gaming space. Taking a general look at the assumptions of virtual land ownership within the metaverse, there is a possible benefit to be hard in owning MANA.

Decentraland Technical Price Analysis

According to CoinGecko, MANA is currently trading at $3.86 with a $25,249,245,049 trading volume. Its price has risen by over 24%. Moreover, it has a revolving supply of 1.82 billion and topped in the crypto exchanges like Binance and FTX.

According to the chart above, MANA is turning from its bear trend to the bull trend. This indicates that there were high volumes of trades in the period. Moreover, in the daily time frame, it displays an ascending triangle.

READ ALSO: Adidas Launches Into the Metaverse with NFT Partnerships

The indicator analysis shows that the RSI is at 88.16, meaning that MANA is in the overbought zone, which indicates that we anticipate a dip soon. The market hype is not something to consider when trading MANA for traders.

The moving average also shows that MANA price has seen many bullish movements. Each move is higher than the previous one with fluctuation, corrections, and consolidations. This indicates that the coin is competitive.

Mana Price Prediction

Based on the analysis below, MANA indicates a bullish trend in the short term period, which means a possible break is expected. Technically the token has to break past the Fibonacci retracement level at $5.5 by firming support at $4.5. so our short-term prediction is at $6. however, a possible bearish trend might take place before the bull run.

However, in the long run, we foresee MANA hitting $8 in the first half of the year 2022. The upcoming partnerships and development might also push the price to about $15 towards the end of 2022.