The cryptocurrency market remains under pressure. Should I sell Decentraland (MANA)?

All major cryptocurrencies have weakened this Tuesday after several days of winning streak. Decentraland MANA/USD has weakened from $1.04 to $0.72 in less than several hours, and the current price stands around $0.85.

Fundamental analysis: The popularity of this project is rising

Decentraland is an Ethereum-based blockchain platform that allows you to buy, build and monetize virtual reality applications. Using the simple Builder tool, you can also create scenes, games, artworks, challenges and create a profitable business within the Decentraland world.

This platform offers you the ability to buy virtual land, and it is important to mention that the world's oldest auction house Sotheby's, opened a virtual gallery in Decentraland recently. Decentraland is fully decentralized, and to interact with this platform; you should use MANA tokens that allow you to pay for virtual plots.

All major cryptocurrencies have weakened this Tuesday, Bitcoin went below $43000 for a moment, and traders should consider that the risk of further decline is not over. If the price of Bitcoin falls again below the $45000 support level, it would be a firm "sell" signal, and this would add further pressure to the whole cryptocurrency market.

Fundamentally looking, Decentraland (MANA) has a big potential; the popularity of this project is rising across the globe, but there is still a level of uncertainty. Technically looking, MANA extended its correction from the recent highs above $1.10, registered on 30th August, and if you decide to trade this cryptocurrency in September 2021, you should use a "stop-loss" order because the risk remains high.

Technical analysis: The risk of further declines is probably not over

Decentraland (MANA) is currently trading very close to the current support level at $0.80, and there are some obvious risks when it comes to buying MANA in the upcoming days.

If the price falls below $0.70 support, it would be a firm "sell" signal, and the next target could be around $0.50. The risk of further declines is probably not over, but if the price jumps above $0.90, we have the open way to $1.

Summary

Decentraland (MANA) has weakened from the recent highs above $1.10, registered on 30th August, below $0.80, and the current price stands around $0.85. Decentraland (MANA) could weaken even more in the upcoming days, the critical support level stands at $0.70, and if the price breaks it, the next price target could be around $0.60 or even $0.50.