MANA Price Struggles to Gain Momentum

What is Decentraland?

Decentrland is a virtual reality platform powered by the Ethereum blockchain. It allows users to experience the virtual world and monetize within the ecosystem. One can also purchase plots of land in it and monetize in the future. The ICO of Decentraland was conducted in 2017 and has shown remarkable growth since then. The founders of Decentraland are Ariel and Esteban, both with entrepreneurial experience. The Decentraland game world is divided into 90601 parcels of LAND. Decentraland has been observing a surge in the total address. Meanwhile, MANA has also been seeing a decline in overall transactions as per Dune Analytics. Decentraland has been observing a revival in the overall metaverse community. There is also a rumor circulating crypto Twitter space that Apple is working on its very own metaverse. These rumors have fueled a slight growth in the MANA. Decentraland may see strong adoption in the near future.

MANA has a market cap of $912 Million and is ranked 52nd in the crypto-verse. Decentraland volume has seen a decline in the intraday session. The V/M ratio of MANA suggests a consolidated trend in price.

Is MANA Price Losing Steam?

Decentraland weekly technical chart hints towards a weekly technical chart in price. On the daily chart, it has been consolidating after a momentary gain. MANA is currently trading near the value of $0.48 with a small drop in the intraday session. The upside trend of the Decentraland price can see a halt near the value of $0.558.Meanwhile, the downside trend of MANA can observe a bounceback from $0.44. The asset price is trading below the 50 and 100 Daily Moving Averages. If the asset price jumps above the 50 or 100 DMA, then a strong upside trend can be seen in the future.

The RSI of MANA is near 42 with a downside slope in it. The overall sentiment of the MANA suggests a consolidated trend in price.

Summary

Decentraland has observed a decline in the daily active address and transactions as per Dune. MANA is currently observing a downside trend but can see a bounce back soon.

Technical Levels

Major Support:$0.44

Major Resistance:$0.55

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.