- Virtual new year event at Time Square, New Year.
- New advancements in NFT and metaverse.
- Shed nearly 90% in the passed year.
Decentraland’s forte of hosting virtual events was highlighted one last time for 2022, with a virtual event held at Time Square in its metaverse. The event rejuvenated the purpose and capabilities of the platform and how proved to be futuristic. It also plans to amalgamate new upgrades and alliances for future ventures and projects in order to expand. However, the year ended sourly for the MANA holders as it shed nearly 90% in 2022, despite solid NFT volume performance. It closed with 2.7 million unique NFTs minted on the metaverse-based gaming platform. This represented a 440% growth in the volume of the NFT mints on a year-over-year (YOY) basis.
Here’s what charts reveal
The MANA prices are forming a falling parallel channel with current action occurring near the half line. All significant EMAs function above current prices of $0.308. An uptick is observed in OBV with descending volume, suggesting a change in the price movements. A solid bull run may be established if prices break out from $0.43, targeting to reach $0.67. In order to achieve this, MANA has to hold a spot beyond the 50-EMA.
The prices are seen consolidating and moving sideways. Due to the prevailing downtrend, the CMF currently holds a spot in the negative zone. The MACD records the entry of new buyers and a steady rise in interest. The RSI suggests that sellers are forfeiting and buyers are taking control gradually as the indicator escalates to the higher ranges.
A closer window
The smaller time frame study reflects an uptick in MANA prices and the genesis of the up track. The CMF ascends and suggests a strong surge may occur soon. The MACD records ascending buyer bars and interest lines tearing the baseline. The RSI also shoots to the higher ranges and reflects buyer inclination in prices.
Conclusion
The goals for the coming years of Decentraland are to rule the metaverse space and industry. MANA follows in its footsteps and signals a sharp rise in the near term. The zone of $0.22 should be watched to buy the token.
Technical levels
Support levels: $0.22 and $0.10
Resistance levels: $0.72 and $0.90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/02/manas-new-year-resolution-may-attract-newer-users-price-support-in-achievement/