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Decentraland boomed in 2021, but the year was relatively quiet
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Local token MANA is slipping after staying strong
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Bear weakness widens after Fed’s hawkish report
Decentraland’s MANA/USD is slipping again. Bear signals indicate that the price may decline further. However, it is important to monitor critical levels to evaluate whether the investment is worthwhile.
A broader look at the region shows that most cryptocurrencies are in bear territory. This was when the US Federal Reserve sounded harsh on Wednesday about overcoming high inflation. The US Central Bank signaled more rate hikes, a move that shook the markets. Thus the fall in MANA reflects the market sentiment.
Nonetheless, the year has been relatively quiet, despite the metaverse boom in 2021. The crypto winter seems to have spread to all the crypto market segments. Nonetheless, many projects continue to enter the metaverse space. The development is yet to promote a rally in Decentraland’s MANA. The Metaverse platform has recently announced limited development. Opportunities remain in the nascent sector. The lukewarm state has relied on sector-driven fundamentals to tokens like MANA.
Bearish MACD crossover pushing MANA back to $0.77 support level?
Source – TradingView
Technically, MANA has lost hold of the 21-day moving average. The momentum indicator has also moved below the moving average. Indicators show that MANA is ready to go ahead and correct. The 50-day MA in the coin still supports it.
For the bears’ weakness to subside, MANA would need to recover from a downside break below the 50-day EMA. Otherwise, the coin may return to the support level of $0.77. If the weakness continues and the coin drops below $0.77, it would welcome a bearish market. At the current price, MANA is currently undergoing a correction.
summary
MANA is falling with major crypto following the Fed’s aggressive stance. The coin still hasn’t broken below the 50-day EMA and support. MANA is not in a bearish market yet.