are you watching buy decenterland (MANA/USD) this month? Unfortunately, a technical perspective suggests that the Metaverse token is not ready yet. The coin has claimed a new low on the year and is looking increasingly bearish. At the very least, we anticipate a possible new low, and you may not want to chase the clouds for now. What is happening?
The prolonged crypto winter has dealt a blow to the once flourishing metaverse sector. As a result, MANA has lost 92% of its value since November 2021. The token now trades at its lowest price since June 2021, losing its post-boom gains in the process.
As the ravages of the crypto winter loom, it may have become lonely in the metaverse. According to data published last month by DappRadar, Metaverse platforms including decenterland, struggling to retain users. Lower development activity has been responsible for the weakness in the prices. Investors may have to wait a long time before seeing another recovery for the token.
MANA Technical Outlook Shows Weak Momentum
On the daily chart, MANA is in a clear downtrend. The key $0.8 level was tested, allowing the cryptocurrency to move lower.
Technical indicators are also bearish. Since August, the 20-day moving average has never crossed above the 50-day moving average. The MACD indicator remains in the bear zone. The momentum is weak and bear pressure is on the rise.
What next for the mind?
After hitting the June 2021 low, MANA is heading towards a bottomless pit. Although the bulls may prevent further decline below the level, there is no sign of such as yet.
We maintain a bearish outlook until suitable support is found and MANA shows substantial upside. A recovery above the $8 resistance would be ideal to consider a bullish view.
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