Over the past year, the performance of Decentraland’s MANA token has paled in comparison to some other major cryptocurrencies. According to Coinmarketcap data, MANA has gained only 45% in value over the last 12 months. More recently, it has struggled even more, managing to increase by just 1.8% in the past month.
However, crypto analyst Ali maintains an overwhelmingly bullish outlook for the decentralized virtual reality platform and its native token. Despite MANA being bearish by 13% over the past week, Ali believes the current crypto bull market still has ample room left to run.
Market Psychology Signals Prime Buying Opportunity
In Ali’s assessment, MANA appears to be in the “depression” phase when viewing its price action through the lens of overall market psychology cycles. This stage is characterized by widespread pessimism and lack of interest after a major slide, creating prime conditions for accumulation.
Ali contends that MANA flashing such strongly oversold signals right now represents a unique opportunity to purchase the token before the next market upswing potentially pushes it significantly higher.
“Despite the buzz, the crypto bull market may just be gearing up!” Ali exclaimed enthusiastically on Twitter. “Take Decentraland, for instance. MANA appears to be in the ‘depression’ phase of the market psychology cycle. This stage might present a unique opportunity to acquire MANA before a potential market upswing!”
So while traders fixate on hot momentum tokens posting staggering near-term gains, Ali sees neglected assets like MANA primed for massive rallies once market sentiment eventually shifts. The key is having the contrarian mindset to take positions during depressive phases when underlying fundamentals remain strong but positive catalysts have yet to materialize.
Patience and a long-term investing timeframe are essential, as timing exactly when depression flips to optimism presents challenges. But being early to identify and capitalize on these cyclical opportunities is what can supercharge portfolio returns over several years.
For crypto traders willing to block out the noise and adopt this counterapproach, MANA flashing deeply oversold signals in Ali’s assessment means now presents a not-to-be-missed buying opportunity.
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