MANA Price Has Crash Landed To Ground, Will It Show Resurgence?

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Mana Price is declining for the 3rd consecutive day and has retraced the 200 day EMA.
At the time of writing, the Decentraland crypto was trading at 0.507 reporting a negative intraday development of 1.66%.

The MANA price has been on the losing side for the third consecutive sessions on Saturday. The recent fall has taken the price near the 200 day exponential moving average.

The daily chart shows that Decentraland crypto made a breakdown of the range formed over the daily chart. The breakdown has validated the possibilities of further correction in the price.

Earlier, MANA crypto maintained a positive trajectory after a breakout in February till mid March. However, a sharp selling was observed from the monthly highs in the later weeks of March and has made a breakdown of 20 day EMA. However, the 50 day EMA acted as a dynamic support and a consolidation was observed in the last few weeks.

The MANA price noted a breakdown yesterday and dropped near the 200 day EMA. However, the 200 day EMA may act as a dynamic support and the price may surge higher.

The long term trend is still positive until the price hovers above the 200 day EMA. However, the short term trend has undergone a correction phase. Now if the bulls are able to surpass the 50 day EMA after sustaining above the 200 day it may indicate a termination of a correction phase and the price may rise again.

MANA Crypto Active Addresses Analysis

<iframe title="Santiment Chart: Price (MANA), Active Addresses 7d (MANA), Active Addresses 24h (MANA)" width="1170" height="425" src="embed.santiment.net/chart?ps=decentraland&pt=MANA&df=2023-12-01T00:00:00.000Z&dt=2024-03-22T18:29:59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=price_usd;active_addresses_7d;active_addresses_24h&wax=0&wc=#26C953;#FFCB47;#FF5B5B&ws={"node":"area"};;" scrolling="no"></iframe>

The active addresses display the number of addresses that are actively participating in the transactions of the MANA cryptocurrency. The above chart depicts the number of 24 hour active addresses and 7 day active addresses in correlation with the price.

At press time, the number of 24 hour active addresses were 775 and the 7 day active addresses were 5326. Moreover, the trajectory of the active addresses witnessed a significant growth in February and first two weeks of March. However, the last few weeks have observed a decline in the number of active addresses.

Top Addresses Are Offloading: Will Selloff Continue?
<iframe title="Santiment Chart: Supply held by top addresses (as % of total supply) (MANA), Price (MANA)" width="1170" height="425" src="embed.santiment.net/chart?ps=decentraland&pt=MANA&df=2023-12-01T00:00:00.000Z&dt=2024-03-22T18:29:59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=topHoldersPercentOfTotalSupply;price_usd&wax=1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>

The above chart depicts the supply held by the top addresses in correlation with the Decentraland price. As per the data, the supply held by the top addresses has been declining continuously since January. The top addresses are offloading their holdings in the MANA crypto.

Looking precisely about the data, the top addresses were holding 45.5% of the total supply in the 1st week of January. The MANA price noted an uptick in February, however, the top addresses kept on offloading continuously despite a short term hike in the price. Since January the whales have offloaded a significant supply of nearly 2% and are currently holding 43.5% of the total supply.


MANA Crypto: OI Data Insights
<iframe title="Santiment Chart: Total Open Interest in USD (MANA), Price (MANA)" width="1170" height="425" src="embed.santiment.net/chart?ps=decentraland&pt=MANA&df=2023-12-01T00:00:00.000Z&dt=2024-03-22T18:29:59.514Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>

The recent sessions witnessed a sharp selloff from the monthly high value. The Open Interest contracts curve also seems to be following the same curve and has dropped nearly 30% in the last few weeks. The total number of open contracts in the 1st week of March were $45.95 Million which has dropped to nearly $32.1 Million at the current time.
MANA Crypto Forecast April 2024


The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the MANA price could advance to a high of $0.694 suggesting a potential gain of over 36.31%. The lower price target which the crypto could attain as per the analysts is $0.396 if it breaks below the 200 day EMA.
Conclusion.
MANA Price has been on a decline for the last three days, nearing the 200-day EMA. witnessing a breakout in February, Decentraland crypto faced sell-off in March, breaching the 20-day EMA but got support at the 50-day EMA. The recent breakdown has dragged the price near 200-day EMA, and could signal a rebound if sustained.

The long-term outlook still remains bullish above the 200-day EMA, despite short-term corrections. Active addresses spiked in early March but have decreased in the last couple of weeks. Currently, there are 775 daily and 5326 weekly active addresses, indicating fluctuating user activity.
Technical levels:
Support levels: $0.47 and $0.396
Resistance levels: $0.604 and $0.694

Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.