Decentraland Is Up By 12.79% – Time To Buy Decentraland Coin
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Decentraland is the first established multiplayer role-playing Metaverse built on the Ethereum blockchain. This article analyzes the Decentraland project and why investors should buy MANA tokens.
Decentraland: Leading Decentralized Virtual Reality Platform
Decentraland is a virtual reality platform that allows users to generate, participate in, and monetize applications and content. It was created in 2016 by founders Esteban Ordano and Ariel Meilich.
At Decentraland, users can easily invest in and sell digital land in the Metaverse, thereby making substantial profits. The platform has a vibrant community of 3D animators, artists, and developers that build on the virtual spaces and create new ways for people to socialize and interact with one another.
Contents range from static 3D scenes to interactive systems such as games, casinos, and art galleries.
One thing that makes Decentraland unique when compared to other virtual worlds is that all of the spaces (called LAND) except for roads and plazas can be bought, sold, and developed by token holders.
Ownership of these virtual properties is stored on the Ethereum blockchain to make them easily transferable and to prevent fraud.
Decentraland offers two tokens, the ERC-20 token called MANA and the ERC-721 token called LAND. Decentraland raised $24 million from its ICO (initial coin offering) in 2017 and has since reached a market cap of over $1billion. The MANA tokens are listed among the top 65 cryptocurrencies on the chart.
Meanwhile, Decentraland also runs a decentralized autonomous organization (DAO) mainly for making governance decisions. MANA holders can vote on upgrades, policy updates, and the type of content they want in the Metaverse.
MANA Breaks Through Bear Ranks
The MANA token started the year trading at $0.0837 before surging to $1.05 on March 15, 2021. The digital asset surged in May and hit an all-time high (ATH) of $1.60.
However, the crypto market crash saw MANA drop below the $1 mark, with the digital token slumping to $0.5178 on July 20.
The MANA price began to climb upwards in August. The asset hit a high of $0.80 on August 12. But it suffered a sharp fall that had it drop to $0.779 on August 17.
MANA appears to have broken through the bear ranks and is on an uptrend currently. The digital asset is up 12.79% and is trading at $1.04. Weekly gains stand at 16.9%, and this rally should serve as a signal to buy MANA.
MANA Technical and Fundamental Analysis
The technicals show that MANA is sitting at a healthy position on the trading chart.
The digital asset is trading far above the 20-day moving average (MA) support price of $0.8746. The 200-day MA is also looking good, emphasizing MANA’s bullish trend.
The relative strength index (RSI) stands at 64.36, which indicates that it is trading close to the overbought region. This also means more investors want to buy MANA.
A bullish forecast for the MANA price would see it rise to $1.755, according to Wallet Investor. The site also predicts that MANA would reach $5.169 in the next five years.
Another forecast by Digital Coin puts MANA at $1.81 by the end of the year and $3.53 in the next five years. Although this is less bullish, it still signifies strong momentum. With the crypto market appearing to have turned the corner, it looks rather positive for MANA.
In terms of fundamentals, Decentraland has hosted several events recently. One of the recent events that was hosted by the Metaverse is the first-ever live MMA event in the virtual world.
The fight was organized by Aquarium Casino, in partnership with two UK-based companies, MMATV and Prim3. The event was broadcasted live to Decentraland’s virtual MMA fans.
Decentraland is also getting adopted by established brands bringing up NFTs and using the VR platform to create exposure. An example of a firm that has used Decentraland’s influence to diversify its marketing channels is the Global brand Coca-Cola. Earlier this month Coca-Cola launched the company’s first NFT called “The Friendship Box” through a metaverse event.
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