- MANA price retraces slightly from its August 16 high of $0.87
- Period of retracement expected short term but long-term prospects remain bullish for Decentraland
- Ascending Channel still in place for MANA price
The MANA Price is in slight retreat over the past 24 hours chiefly due to an overall pullback on the crypto market. However, the ascending triangle is still there with the Decentraland price rising by a considerable 25% since 4 August and around 40% since its July 20 low. It is currently trading at the $0.835 level after having reached $0.87 on 16 August.
Although the long-term prospects for the MANA price remain bullish, a pullback of this sort is to be expected in the context of the uncertainty surrounding the crypto market. The prospect of further regulation in the crypto sphere does not seem to have affected the MANA price with such a pullback to be expected as it continues on the road to $1.
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Short Term Prediction For MANA Price: A Retracement Before The Next Push Forward?
The MANA price has been on an ascending path ever since its July 20 low of $0.59. Although there have been some retracements along the way, Decentraland has continued moving forward at a fast pace with buyers once again entering the market which remains bullish.
A bullish thesis would see the MANA price rebound from around the $0.82 mark and charge forward to the $0.89 level which would represent an 8% gain from the current price. One has to note that after falling to $0.78 on 12 August, Decentraland recovered immediately to tag the $0.83 level.
A bearish thesis would invalidate this prediction however. If this were to occur, then the Decentraland price would retreat to the $0.78 level where it should find support although a sell off could precipitate further losses. At present, this scenario looks quite unlikely as the general bullish sentiment in the crypto market prevails.
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Long Term Prediction for Decentraland: Still On Course To Regain The $1 Level
Although there is currently a slightly bearish atmosphere in the crypto market, at least for the short-term, long-term prospects for the MANA price appear quite bullish.
Predictions have Decentraland sailing past the $1 price by the end of the year although that price level may be reached sooner than that. As more positive news surrounds the DeFi market, this should undoubtedly be reflected in the MANA price.
As always, there are pitfalls along the way. The implications of the new crypto tax in relation with the Infrastructure Bill passed recently in the Senate still have to be digested by crypto investors. This could have an effect on the continued strength of the bull market.
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Gerald Fenech
