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How Long Can MANA Holders Keep Decentraland Price Afloat?

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Decentraland (MANA), the 47th-ranked coin by market cap, continued to move in proximity to its long-term support level. But with the market starting to look overheated, can MANA price ignite any hopes for HODLers?

The global crypto market cap, in tandem with Bitcoin price action, has led to a larger consolidation for most of the top crypto assets. Decentraland native token, MANA, is one such token that awaits breakout. 

Decentraland Price Action in a Mess 

At the time of writing, the third-largest metaverse token by market capitalization, Decentraland, traded at $0.6063, noting a mere 0.12% gain on its daily chart. 

Upon zooming out, it could be seen that Decentraland price tested the long-term $0.6000 support, which has acted as a crucial price level since March 2021. 

MANA/USDT 1-day price
MANA/USDT 1-day chart | Source: Trading View

Daily RSI shows a continuously falling buying pressure with sellers governing the token’s trajectory. At press time, the daily RSI for MANA was in the oversold zone and followed the larger bearish trend line.

Trade volumes maintained low numbers demonstrating disinterest from the retail side. Over the last 24 hours, MANA trade volumes were down by over 15% and stood at $81 million. 

The break-even price shows the next key support at $0.3600, a fall below that could trigger heavy losses for Decentraland holders. At the $0.3600 price level, 281 million MANA is held by over 9K addresses which would be in a loss if the price fell below it. 

Decentraland MANA breakeven price
Source: IntoTheBlock 

HODLers still holding, but underwater 

Decentraland holders were underwater, with 84% of holders at a loss
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