Decentraland Price Up By 15.51% – Time to buy MANA Coin?

Since the beginning of November, virtual-reality protocol Decentraland has been on an uptrend following news of Facebook’s rebrand to Meta and its subsequent plunge into the metaverse.

Others like Microsoft and Nike have followed suit, further bringing blockchain recognition to the metaverse ecosystem.

With more companies launching products and services geared towards tapping the huge potential locked in virtual space, Decentraland’s MANA has surged astronomically. This rise has seen several investors rushing to buy MANA as part of their investment portfolio.

This article will look at the protocol’s technical and fundamental data to see if this is a great time to buy MANA and tap into the virtual space.

MANA: Surging At The Tail-end of 2021

Decentraland’s MANA has experienced a bumpy ride like most of the crypto market and has seen its price action largely dictated by Bitcoin’s price movements. However, a series of events in late October has so far seen the virtual asset come into a form of its own.

Currently pegged at $2.9301, MANA is up 15.51% on the daily trading chart. A weekly gain of 12.16% shows an impressive end to a busy week two of November.

The digital token has seen its market cap swell by 15.51%, with over $5.3 billion in total value locked (TVL) in the protocol. The 24-hour trading volume has also surged astronomically as it is currently up by 132.21%, with over $3.2 billion currently changing hands.

With so much coming into the protocol, MANA may be on track to meet its all-time high (ATH) of $4.11 on October 31, despite being 25.7% off course.

Pegged currently at the 39th spot on the global crypto ranking order, MANA has a market dominance of 0.19%, indicating a sizable command of the metamorphosing metaverse ecosystem.

The metaverse is an exciting space every tech-driven company is looking to tap into, and given Decentraland’s expertise in the field, this can be an ideal time to buy MANA before its price shoots up.

MANA Technical And Fundamental Analysis

MANA’s technical performance is off the charts, as you would expect in such a sizable one day gain. The ERC-20 token is riding comfortably above the 20-day moving average (MA) support price of $2.2391.

Its 200-day MA price of $0.9971 is even more impressive, given that the digital asset struggled for three consecutive months to break above the $1 mark after the crypto winter season kick-started in May.

The 14-day relative strength (RSI) is also through the roof as MANA is soaring towards the overbought region.

This shows that investors are more open to buy MANA, given its growing relevance in the crypto space. However, the moving average convergence and divergence (MACD) show a temporary sell signal due to its slight decline this week.

This is not expected to last long as the green trendline reclaims its top spot on the trading chart. Appealing to both creators and consumers alike, Decentraland has attracted a variety of traditional sectors into its ecosystem.

The latest is Boson Protocol, a lifestyle platform that connects virtual designers to the blockchain ecosystem. The platform aims to merge commerce with the decentralised economy of which Decentraland plays a crucial role in.

Also, Cloud Nine Web3 Technologies Inc, a decentralised data storage network, has announced a virtual office services agreement with TerraZero Technologies Inc. to grant it access to the Decentraland ecosystem.

 

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