Decentraland (MANA) has fallen further in recent days. The currency has been under pressure throughout April. Unfortunately, it doesn’t look like things will improve any time soon if MANA sells out. Here’s what you need to know:
Despite the steady decline over the past month, a trend reversal for MANA is unlikely for the time being.
The coin could hit $1 in the near term for the next bull run
MANA has closed in the red for 5 consecutive trading sessions.
Data source: Tradingview
Decentraland (MANA) – price forecast
April was one of the most difficult months for MANA. The coin has been in a downtrend for most of the month, and while there have been some signs that the sell-off could ease, price action has not risen so far. But the worst isn’t even over yet.
In fact, we do not expect a reversal in this downtrend in the near term. As a result, MANA will continue to decline in the near term and could drop to $1 before the next bull run. This is a loss of almost 50% from the current price.
Moreover, the fall of MANA did not start in April. In fact, the coin had peaked in February, trading at around $3.55. This was the best price in 2022. However, MANA has lost more than 50% of those highs, and more losses are expected to follow in the coming weeks.
Will MANA rise again?
Yes, MANA will rise again. The metaverse currency still has a lot of advantage in the longer term. However, current market sentiment remains highly unpredictable.
We will likely see an ongoing period of volatility and selling pressure before price action finally stabilizes. Despite all this, we still think MANA will deliver incredible returns this year, even if it will struggle to achieve the success of 2021.