Offering a return of about 4,800% to its investors this year, check out if you should still invest in MANA or go for AXS instead.
Barry Silbert’s support for Decentraland (MANA) has absolutely skyrocketed the token’s price in recent months. Since its bottom in July, buyers have pumped the price up more than 1,400%, with a yearly return currently equating to around 4,800%. MANA brings a metaverse where players can buy accessories for their character and buy real estate, among other features. The most important thing, however, is that the project has more than 385,000 followers on Twitter which makes it clear that people are quite interested in the project itself. Moreover, partnerships with projects, like Sotheby’s and Opensea, have also helped to garner even more interest in the game. When it comes to the price of MANA, the chart looks great!
Let’s dive into the MANA/USDT 1 day chart and see why.
Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers (that’s right, millions love us!) — what are you waiting for?
MANA/USDT in a 1-Day Time Frame
If the price manages to flip $4, it could be inferred that the price will attempt to it reach its all-time highs. This would result not only in a flip of the demand zone but also a breakout from the bearish market structure. Consequently, this level is going to be a challenge to flip. For example, three days ago when buyers drove up the price to this level, sellers stepped in and rejected it before it even reached the zone, thus showing the strong selling pressure MANA is currently under. Let’s see if the weekly chart has any more areas of interest.
MANA/USDT in a 1-Week Time Frame
MANA has been on such a parabolic run that there are few price points to go off on the weekly chart. The main area to be identified is the demand zone between $2.89 and $2.80 that was tested during Bitcoin (BTC) dump last week. There is clear demand around this level. The large wick two weeks ago shows buyers stepping in. As long as there is no weekly close below $2.80 price is still in an uptrend, which favors looking for longs instead of shorts. However, if the price starts to break down through $2.80 it would be assumed that we test $1.5 and fill in the price inefficiencies down lower. As an investor finding the best risk to reward trade is essential. To know whether MANA has the best R/R it is essential to look at the MANA/BTC chart. If MANA looks unlikely to outperform BTC it is not worth holding, let’s have a look at the chart to see.
MANA/BTC in a 1 Day Time Frame
If the price can hold 0.000069 SATS and reclaim 0.0000726 SATS on an S/R test, then we can infer that MANA is likely to outperform BTC in the foreseeable future, potentially going for ATHs against the BTC pair, especially if the price can break through the trendline. There are plenty of levels below showing clear demand. These levels are holding nicely with any big dip being snapped up. Whenever there are big wicks below the candles it is an indication that there is lots of demand, this is because the price has been forced down by sellers, only to meet heavy buying pressure lower.
MANA/BTC in a 1 Week Time Frame
It will be interesting to see what happens if it is to test the 0.000062 level. This is a big support level, and if broken, it signals a downward move of more than 25%. It looks as if it is going to underperform BTC here, however, this is likely to be short-lived.
MANA/AXS in a 1-Day Time Frame
Should You Go for AXS Instead of MANA?
What Does the Fear and Greed Index Say?
Summarizing Everything Explained Above
- MANA has bounced by more than 1,400% since the July bottom, whilst also giving investors who bought at the start of 2021 a return of 4800% (at current prices)
- MANA/USDT 1 day chart is sitting at ‘the golden pocket’ Fibonacci level, thus giving buyers a hint to long instead of short.
- MANA/USDT 1 week chart is currently in an uptrend. However, due to the fact that there is small price history, it is hard to determine where the price may slow down. $2.90 - $2.80 is the area to hold for bulls.
- If the price can reclaim 0.0000726 sats on an S/R test, then we can infer that MANA is likely to outperform BTC in the foreseeable future.
- MANA was in a clear and brutal downtrend against AXS, but it seems to now have found a bottom. It has formed a cup and handle formation. This is a bullish sign for MANA investors and points to it outperforming AXS in the coming weeks. A trend line has formed, and if broken will likely allow MANA to gain some buying momentum.
- The fear and greed index is at 27. Investors are, therefore, likely to be more risk-averse, which means that it could be a great time to accumulate more coins.