Decentraland Price down by 11.42% – Time to Buy MANA Coin?
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MANA, the 3D virtual reality token of Decentraland has made an aggressive jump in its price, prompting investors to buy MANA
The asset hit an all-time high of $4.69 on October 30, following an announcement by Facebook about its official change to its corporate name to Meta, drawing huge attention to MANA as one of the metaverse-focused crypto assets.
The Ethereum-based cryptocurrency ranks as the 40th most valuable crypto asset from the 88th position over six weeks ago.
If you plan on investing in the digital currency, it would be helpful to know the assets’ technical and fundamental performances.
Decentraland: Coin Market Position
Decentraland is currently trading at $2.90, down 11.42% below its price in the last 24 hours. The token has accrued a market dominance of 0.20% of the global market. MANA has a market capitalisation of $5.2billion, which is down 12.19% in the last day, and a 24-hour trading volume of $2.1 billion, on the decrease to the tune of 0.32%.
The coin has shown potential value due to its price action in the previous weeks. Decentraland was trading at $0.78 on October 16, but took on an aggressive bull run, rallying to an all-time high (ATH) of $4.69 on October 30.
The ERC-20 token, however, could not retain this new price action as it declined to a price of $2.5 on November 11. The asset made a fast but brief surge to $3.6 on November 13 before descending to its current price of $2.90.
Decentraland: Technical and Fundamental Analysis
MANA is currently doing well in the market, as technical indicators confirm. The coin is currently trading above its 20-day moving average (MA) support price of $2.74, indicating a bullish run. The 200-day MA confirms the bullish run as the support price sits at $1.08, denoting a 110% increase in price.
The moving average convergence and divergence trend line depict a sell signal. At the same time, the Relative Strength Index (RSI) confirms the opportunity to buy MANA as it is currently lingering in the underbought region with a figure of 60.22.
MANA is currently gearing for an aggressive bull run as fundamental factors support its imminent uptrend.
A new all-time high is expected for the Mana token due to the rebranding of Facebook to Meta, a Metaverse that combines all things virtual reality to enable users to interact with each other and digital objects.
In addition to maximising its potential as an artistic medium for content creators and businesses, Decentraland’s application in the Metaverse will permit the exchange, leasing, and advertisement of LAND in the virtual reality world, which can be purchased with NFTs.
Holders of MANA will be allowed to propose and vote on policy updates, provide specifics on LAND auctions and give permissions on the type of content that will be allowed into the Metaverse.
Given the huge potential locked on the Decentraland protocol, a slew of protocols are launching on the virtual reality platform. One of such is the lifestyle platform Boson Protocol. The platform, which aims to merge commerce with blockchain tech, launched its service on Decentraland recently.
Cloud Nine Web3 Technologies Inc, is also looking to tap into the Decentraland ecosystem through a partnership with TerraZero Technologies.
According to a recent release, Cloud Nine has signed a virtual office service agreement with TerraZero which will see them run their virtual office within Decentraland.
The growing attention to non-fungible tokens (NFTs) space is likely to see MANA gain more use cases among investors.
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