MANA, the currency used in the virtual world of Decentraland, has been on my watchlist since the fall of 2021. I owned it in November, but liquidated my position as it pulled back a few weeks later. However, just because I sold it, doesn't mean I have not been watching it for another buy point.
Despite the negative general market conditions earlier this year, I still think somewhere down the line the metaverse will become a very important theme. Unlike Bitcoin, MANA has held above its' 40-week moving average over the past few months. This is a subtle sign of relative strength that I love to see during market corrections. LUNA also impressed me with its' display of strength before I opened a position.
MANA is currently holding near its' 200-day moving average. I'll be monitoring it closely for a low-risk, potentially high reward buy point in the coming weeks. Should it fail, I will quickly cut my losses. However, if the metaverse does become a major theme later this year and MANA starts to rally, I'll be in early on a very important trend.
Risk right. Sit tight.
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