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MANA Still On My Watchlist

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.

To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.

To get started investing in MANA and other crypto, earn $10 in Bitcoin as a signing up bonus and receive up to 7.4% interest on your account, use this special link.

Full Disclosure: This post contains an affiliate link to Gemini.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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