Decentraland Price Plummets by 1.80% in Past 24-hours and its Situation is Still Bearish

The year 2021 witnessed the inception of the metaverse space into the cryptocurrency universe. From that point, the metaverse sector only continued with its elevation in terms of value, demand, valuation, and the number of digital assets.

The metaverse sector has grown tremendously since 2021 and it is still one of the most promising spaces for investors, content creators, and gamers within the crypto-verse.

This is the reason why the metaverse sector has gained so much recognition and adoption within the crypto-verse in such a short amount of time.

Despite its uniqueness and limitless adaptability, the metaverse sector has also taken a hit on its reputation since the end of 2021. This is because the entire cryptocurrency industry has been badly affected by global affairs, where regulatory concerns are at the top.

In the year 2021, the metaverse tokens were winning the entire crypto market with their adoption rate, demand, and growth. Out of all the cryptocurrencies within the metaverse, the cryptocurrency at the top of the list is Decentraland (MANA).

It was among the top performers in the entire year of 2021, but towards the end, as cryptocurrencies experienced a negative trend globally, it also took the hit.

Even now, Decentraland is struggling to make it back to its old reputation, but the global crisis is not letting it achieve that. At the moment, the entire crypto-verse is badly impacted by the Russia-Ukraine conflict, and the situation may not recover until the conflict ends.

Current Situation of Decentraland

From the beginning of the year until now, Decentraland has suffered from a 26.83% weighted plummet. Decentraland is constantly feeling the pressure from the bears, who are currently standing on the stronger side. They have been constantly pushing Decentraland to lower prices by selling it from time to time.

In the past 24-hours, Decentraland’s value has been pushed down by 1.52% and the MANA/USDT pair is currently trading at $2.45 per MANA.

Technical Analysis of Decentraland

At the moment, the summary scale for Decentraland is pointing towards “neutral” sentiments. This means that majority of the investors prefer staying neutral about making a move for Decentraland.

Out of the total investors, 38.46% of investors are neutral, 34.62% of investors are willing to sell, and 26.92% of investors are willing to buy MANA.

The RSI for Decentraland is currently at 47.0186, which also indicates a bearish run. If the situation persists, then the value of Decentraland may dip to $2.18 per MANA. If the bears keep selling Decentraland at a high rate, then the price of Decentraland may experience another major plummet. In the upcoming days, the value of Decentraland may sink to $1.51 per MANA, if the bears keep selling Decentraland.