The Decentraland (MANA) price chart displayed an intense match between bulls and bears, with the bulls dominating initially. Later, a shift in the wind dropped the game in the bears’ favor. Recent price action shows an uncertain to bullish situation with analysts optimistic on MANA.
At press time, the price was $0.4514 with an intraday slight fall of -0.27%, and a market capitalization of $862.75 Million. The 24-hour trading volume stood at 57.99 Million.
Significant Rise in Active Wallet Adresses of Decentraland (MANA)
Active addresses refer to unique addresses of MANA users that participate in one or more transactions within a given timeframe. The number of distinct addresses in MANA that participated in a transfer for the given asset in the past 1-hour window was 50 transactions, and 24-hours windows was 565 transactions.
This illustrates an increasing number of people using and trading the token, indicating higher demand and value as the active addresses of Decentraland are growing over time.
What Can Decentraland Price Prediction (MANA) be, Based on Technical Analysis?
CryptoRand, highlighted MANA’s break-out from the downtrend trendline on the daily chart.
$MANA consolidating nicely after the main downtrend breakout, looking primed: pic.twitter.com/j3IJEjtQTW
— Crypto Rand (@crypto_rand) May 29, 2024
MANA has been consolidating between the 20-day and 50-day EMAs portraying bullish strength in the short-term, which could drive its price to $1.0.
Likewise, the MACD portrays a bullish cross, with a rising histogram in MANA at 0.0031, and the RSI flashed at 50.41. This implies that momentum is low. As it is sideways in a tight range, it is not losing steam and could break out any time.
Therefore, if the breakout rallies strongly, the next goal for the MANA price could be to reach the above levels, such as $0.5600, $0.7000 and $0.8000. On surpassing these hurdles, the doors could open for $1.0 price mark as well.
On the contrary, if the price plunges then in this scenario, if MANA price fails to stay above the $0.4000 level, it could also decline further for lower levels.
Summary
The Decentraland (MANA) chart shows a battle between bulls and bears. Analysts are bullish. The active addresses of Decentraland are growing over time, indicating increasing demand and value.
The bullish MACD cross indicates potential for a rally. If the breakout rallies strongly, the next goal for the MANA price could be to reach levels such as $0.5600, $0.7000, and $0.8000, with the potential to reach $1.0. However, if the price plunges and fails to stay above the $0.4000 level, it could decline further.
