Santiment: This Metaverse Coin Could See an Explosion!

Analytical firm Santiment said in its new analysis that a metaverse coin project, which has been on its radar for a while, may be on the rise again.

According to Santiment, the calm is about to end

Decentraland (MANA), which is the subject of Santiment’s new analysis, is showing bullish signs on the weekly time frame. However, on the daily chart, the situation is still on the side that it will show more decline before a turn. MANA has been falling within a parallel descending channel since reaching its May 2021 high of $5.91. The current drop brought the price as low as $0.62 in May 2022.

MANA technical analysis

At first, the canal’s reinforcement boundary seemed to have been ruptured due to the downward movement. However, after a short time, the MANA price switched sides, producing a very long lower wick (green icon). These types of channels often result in corrective actions. Therefore, crypto analyst Valdrin Tahiri expects a breakout at some point as the most likely outcome. This possibility is further strengthened by the fact that Decentraland price is currently trading in the upper half of the channel and the weekly RSI is bullish (green line).

Santiment expects an imminent burst in metaverse coin price

Santiment analysts say that while similarly, they see a decline in the short term, but some metrics point to a boom in the long term. The analytics firm shared that MANA was at the lowest levels of the last 3 years on a profit/loss ratio basis. This often results in the upper side. For example, it ended with an increase of over 610% after a previous 6-week decline.

On the other hand, despite these bullish readings, it fell below the critical horizontal zone of $0.75, which had previously been on a reinforcing mission since August 2021. Additionally, the RSI broke the bullish trend line on the daily timeframe. This indicates that the price of Decentraland will continue to move real down to the next available reinforcement level of $0.49. Therefore, weekly and daily time-based reviews suggest that MANA price could drop to $0.49 before a final breakout.

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