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Chukwuemeka Raphael
May 19, 2022
by Chukwuemeka Raphael

Is Decentraland ( MANA) on the Part of Bullish Run?

Decentraland
Decentraland (MANA) is one of the top Metaverse tokens in the market. Its early investors have received a return on investment (ROI) that is over 4520%. This means that for each $1 initial investment, they have received over $45.20 as a gain.

Irrespective of the recent decline in the past months that led to a big dip in the worth of portfolios of Cryptocurrency investors, Decentraland has gained about 7.2% in the past 7 days. This could mean that it is on a part of a bullish run. At the time of writing, MANA is trading at $1.19 and is ranked in position 35th in CoinMarketCap.

Some of the data that shows that Decentraland could be on a part of a bullish run include:

  • Decrease in its trading volume

  • Increase in the number of indicators that give a buy signal

    • Decrease in trading volume

    The direction of the volume of trade shows the trend the market might be taking soon. In the past 90 days, the trading volume of Decentraland has moved from $849 million to $375 million. This is from its statistical data between Feb 18th and May 17th. This represents a decrease in trading volume by 126.4%. This shows that Decentraland investors are holding for the long term. These fewer seller activities had also resulted in it's decrease in trading volume by about 24% in the past day.

    Increase in the number of indicators that give a buy signal

    Prior to the recent reversal in the price of MANA in the past few days, most of the indicators show a sell signal. However, from the technical analysis of oscillators indicators and moving average indicators in the link above, three of them are now showing a buy signal, while 9 and 14 show neutral and sell respectively. This increase might be indicating a possible bullish run for Decentraland soon.

    Conclusion

    With the possibility that the price of Decentraland could attain a double bottom soon, if the price plummets further, long term investment should expect a strong bullish run when its price gets to around $1.09.

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    Price Prediction Price Analysis Decentraland MANA
    Is Decentraland ( MANA) on the Part of Bullish Run?
    Chukwuemeka Raphael
    Chukwuemeka Raphael is an author and cryptocurrency news writer/analyst. As a Mathematics graduate and trained analyst, he combines his Math knowledge and strong reading culture in contributing content and analysis for the development of cryptocurrency and blockchain space.

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