Decentraland Price Prediction 2024: MANA Price Analysis

Key Takeaways

• Decentraland was back in the headlines in mid-2023 when the platform launched a game creation session.
• The Decentraland (MANA) price has underperformed in both 2023 and 2024.
• Our price predictions suggest the MANA price will reach a bottom soon or it has already done so.

The momentum is clearly favoring a newer wave of GameFi projects. Platforms such as IMX, and EGLD are dominating the landscape. However, not all GameFi projects are the same. One of the most notable platforms is Decentraland, which came to prominence during the metaverse boom of 2021.

MANA has fallen significantly since its all-time high in 2021 and has underperformed in both 2023 and 2024. The MANA price trades at $0.316 as of July 12 2024.

Decentraland did not immediately respond to a request for comment.

Let’s now look at our price predictions for Decentraland, made on July 12, 2024. We will also examine the Decentraland price history, and talk a little about what MANA is and what it does.

Decentraland Price Prediction 

Here are the Decentraland price predictions from CCN on July 12 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

There are two methods used to create our Decentraland price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average Decentraland price prediction, the more bullish one is used for the maximum price prediction while the more bearish one is for the minimum.

Fractal Method

The MANA price had declined under a descending resistance trend line for 826 days starting in January 2018. During the decline, the price fell to a low of  $0.019 in December 2019, while the weekly RSI nearly dropped to oversold territory. The MANA price broke out from the resistance trend line after the RSI generated a bullish divergence, beginning a long-term upward movement.

A very similar movement has transpired after the 2022 all-time high. The MANA price created a long-term descending resistance trend line and broke out from it after the RSI generated a bullish divergence. However, the price did not immediately sustain the upward movement and returned close to its pre-breakout levels.

The initial breakout was four times weaker in 2024, 200% to 800% respectively. Using this ratio leads to a new all-time high price of $16. Projecting a similar rate of increase and ensuing correction leads to a MANA price prediction of $5.10 and $11.45 or the end of 2024 and 2025, respectively.

Wave Count Method

The wave count suggests MANA completed an A-B-C corrective structure from January 2023 to February 2024 and then finished the final downward movement. The movement is almost identical to that in 2019 and 2020.

In 2020, wave one ended at the 1.61 external retracement of the correction. Assuming the same thing happens in 2024, wave one will end at $1.24. Then, we can use extensions on wave one to find wave three and on wave three to find wave five. Doing this leads to an all-time high of $12.12 reached in February 2026.

So, the wave count gives MANA price predictions of $0.63 and $3.50 at the end of 2024 and 2025, respectively.

Finally, we use the rate of increase for the past five years to make a Decentraland price prediction for the end of 2030. In the 1820 days since July 2019, MANA has increased by 520%, for a daily rate of increase of 0.28%.

Projecting this rate of increase until the end of 2030 leads to a price of $2.10. Adding and removing 20% to this target gives our minimum and maximum MANA price predictions.

Decentraland Price Prediction for 2024

The wave count and fractal methods give completely different Decentraland crypto price predictions for the end of 2024. This is because they project a vastly different rate of increase after the breakout. More specifically, the wave count gives a target of $0.63 while the fractal one of $5.10.

Decentraland Price Prediction for 2025

The wave count and fractal methods also give different Decentraland price predictions for the end of 2025. The wave count method gives a target of $3.50 while the fractal one of $11.45.

Decentraland Price Prediction for 2030

The Decentraland price prediction for the end of 2030 uses the rate of increase of the past five years and gives a target between $1.70 and $2.50.

MANA Price Analysis

The daily time frame Decentraland price forecast shows an ongoing bounce at the $0.275 horizontal support area. This created a long lower wick on July 5, validating the area as support and starting the current upward movement.

The increase was preceded by a bullish divergence in the daily RSI and MACD (green), a sign that often leads to upward movements.

If this is the case, MANA could break out from the current descending resistance trend line and reach the next resistance at $0.47. The 0.382 Fibonacci resistance level and a horizontal resistance area create this level.

Short-Term Decentraland Price Prediction

The Decentraland price prediction for the next 24 hours rests on the assumption that MANA will gradually increase toward the descending resistance trend line. If a similar rate of increase continues, the Decentraland price tomorrow will be slightly higher at $0.33. Then, MANA can reach the resistance trend line at $0.34 by the end of the week.

Decentraland Average True Range (ATR): MANA Volatility

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.

Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels. On July 12, 2024, MANA’s weekly ATR was 0.08, a sign of low volatility. The indicator has fallen since 2022. As a proportion of the $0.31 MANA price, the ATR is 0.33.

Decentraland Relative Strength Index (RSI): Is MANA Oversold or Undersold?

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

On July 12, 2024, the MANA weekly RSI was at 38, a sign of a bearish trend. The RSI has fallen since the yearly high in March.

Decentraland Price Performance Comparison

Decentraland is a metaverse project, so let’s compare it with other similar platforms.

Best Days and Months to Buy MANA

We took a look at the MANA price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy MANA.

Decentraland Price History

Let’s take a closer look at the Decentraland (MANA) price history. While past performance isn’t necessarily indicative of future results, understanding what MANA has done can help us contextualize future predictions.

2017-2020: MANA first came onto the open market in September 2017, soon dropping to trade at an all-time low of $0.007883 on October 13, 2017. It then spent much of the next three years between $0.01 and $0.10.

2021: After closing 2020 at $0.0782, MANA started to build in 2021, going above $1 in mid-March to peak at $1.58 in late April. By June, the market had slowed, and MANA sank to $0.581. Early September saw it go back above $1 before dropping, only to shoot up in late October and November, reaching an all-time high of $5.90 on November 25.

2022: If 2021 was a year of massive gains, 2022 saw Decentraland suffer losses. The market had already been sluggish when the Terra blockchain collapsed in May, sending MANA below $1 for the first time in more than a year. Despite a summer recovery attempt, it last traded above $1 in mid-August. The FTX exchange bankruptcy in November dealt another blow, and MANA closed the year at $0.297, losing more than 90% over the year while the market as a whole dropped around 65%.

2023: The year started better for MANA, climbing to $0.817 on February 23. However, it slid to $0.317 on June 10 after Crypto.com suspended its US institutional operations in response to SEC lawsuits. By June 23, it had recovered slightly to about $0.378 and ended the year at $0.5206.

2024: MANA spent most of January 2024 at $0.4 before starting a downward movement, currently trading at $0.316.

Decentraland Market Cap

The market capitalization, or market cap, is the sum of the total number of MANA in circulation multiplied by its price. On July 12, 2024, MANA’s market cap was $590 million, making it the 116th largest crypto by that metric.

Who Owns the Most Decentraland?

As of July 12, 2024, the five wallets with the most MANA  were:

• 0x67c231cf2b0e9518aba46bdea6b10e0d0c5fed1b – The wallet owns 254,068,948 MANA tokens or 11.57% of the supply.
• 0xeea573cd5af454ed857c937df52f4fc395d17ee2 – The wallet owns 200,760,220 MANA tokens or 9.15% of the supply.
• 0xf977814e90da44bfa03b6295a0616a897441acec – The wallet owns 164,460,740 MANA tokens or 7.49% of the supply.
• 0xec5aa93136896c571304d6887327a5ab1029d236 – The wallet owns 161,483,050 MANA tokens or 7.36% of the supply.
• 0x7a3abf8897f31b56f09c6f69d074a393a905c1ac – The wallet owns 152,137,471 MANA tokens or 6.93% of the supply.

Decentraland Supply and Distribution

From the Decentraland Whitepaper

MANA is an ERC20 token  used within Decentraland to acquire land and make in-world purchases of digital goods and services. It is spent to obtain non-fungible, transferrable, and scarce digital assets stored in an Ethereum smart contract.

What is Decentraland (MANA)?

The Metaverse, the idea that we can create an online world where people can interact with each other through avatars, was a big deal in 2021. With the growth of non-fungible tokens (NFTs) at the same time, there were plenty of people who were convinced that the Metaverse was here to stay and that it was The Future.

Unfortunately, the crypto crashes of 2022 put paid to that. Metaverse coins and tokens taking the brunt of some disastrous losses. However, there are still some metaverse cryptos which continue to have a following, with one of the biggest being Decentraland ‘s MANA.

Decentraland was founded in 2015 by two Argentinians, fintech expert Ariel Mielich and blockchain specialist Esteban Ordano. The pair wanted to create an online world which was not under the control of one person or organization, hence the name.

Decentraland is supported by the MANA cryptocurrency. In order to do things in Decentraland, people need to hold MANA.

How Decentraland Works

The Decentraland platform features 90,601 pieces of land. People can use MANA to buy these and can decorate them with NFTs which can be bought, again with MANA, on the Decentraland Marketplace. 

MANA holders can also vote on changes to the network, and they have the right to change their avatars. They can also take part in auctions for Decentraland’s other cryptocurrency, LAND, which is used to track the ownership of the land in Decentraland. 

It is worth noting that MANA, which can be bought, sold, and traded on exchanges, is based on the Ethereum (ETH) blockchain. This means that it is a token, rather than a coin. You might see references to such things as a Decentraland coin price prediction, but these are wrong.

Is Decentraland a Good Investment? 

It is difficult to tell at the moment. Keep in mind that MANA is not only a long way from its record price, but also that metaverse cryptos were even more badly affected by the crashes of 2022. The fact that the SEC considers it to be an unregistered security, which could be interpreted as kicking a man while he’s down, might just make things worse. 

On the other hand, there is enough of a fanbase to allow Decentraland to have a game-making experience, and both cryptos and other things which people had long thought had had their time have made a comeback, so it might be that this current state is the lull before the storm of a metaverse renaissance.

Either way, you will have to do your own research before you decide whether or not to invest in Decentraland.

Will Decentraland go up or down?

No one knows for sure right now. Although the Decentraland crypto price predictions are largely optimistic at the time of writing, price predictions have a well-deserved reputation for being wrong. Remember, too, that prices can, and do, go down as well as up. 

Should I invest in Decentraland?

Before you decide whether or not to invest in Decentraland, you will have to do your own research, not only on MANA, but also on other, similar coins and tokens, such as The Sandbox (SAND). Most importantly, though, you must make sure you never invest more money than you can afford to lose. 

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Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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