Decentraland Price up by 5.40% – Time to buy MANA Coin?
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Decentraland, a 3D immersive virtual reality platform, is breaking boundaries in the crypto ecosystem. The recent interest in the Metaverse sub-sector has seen several investors eager to buy MANA.
Decentraland has been one of the standout stars in the rapidly evolving Metaverse ecosystem, with The Sandbox only coming close in terms of popularity.
Virtual reality platforms are expected to post record figures with a slew of tech giants flooding into the metaverse space.
Decentraland’s technical and fundamental performances will help us understand the factors behind MANA’s price gains.
MANA: Coin Market Position
Decentraland’s MANA is currently trading at $4.12, which shows a 5.40% increase in the last 24 hours.
MANA dominates 0.30% of the crypto market and ranks as the 27th most valuable virtual currency by market cap.
The Ethereum-based cryptocurrency has a market valuation of $7.5 billion, a 10.95% increase in the last 24 hours and a 24-hour trading volume of $3.8 billion, up by 58.16% in the past day.
The virtual reality token has recorded a 472% increase in the last six months and seems to be on a strong bullish run. More growth potential is shown in the 5,166.08% year-to-date (YTD) surge of the ERC-20 token.
MANA’s price action over the past months suggests an uptrend as it was trading at the low price of $0.51 on July 27. However, the token doubled up its price in July on September 5 to $1.05. MANA fell to $0.74 on October 12 but made a rapid recovery and moved to the price range of $4.93 on October 31.
The Ethereum-based token made a glide down to a $2.22 price peg on November 11 but is currently picking up as its current price is steadying at the $4 to $5 range.
MANA: Technical and Fundamental Analysis
The metaverse token’s impressive rally has given potential investors enough reason to buy MANA as technical indicators confirm its bullish run.
Trading above the 20-day moving average (MA)support price at $3.20, MANA is currently on a bullish run with its current price at $4.12.
The 200-day MA confirms this uptrend, as the indicator sits at the $1.10 price mark.
The moving average convergence and divergence (MACD) trend lines depict a buy signal with the Relative Strength Index (RSI) on a 72 figure mark, indicating that MANA is in the overbought region.
MANA is maintaining a steady upward price movement as fundamental factors contribute immensely to the buying opportunity the token proposes.
Reasons for the token’s bullish run can be attributed to the onboarding of the Government of Barbados onto the platform as the first sovereign nation with an embassy on the metaverse.
The historic step towards legitimising the metaverse was made official on November 21.
Barbados Ambassador to the United Arab Emirates, H.E Gabriel Abed, hinted that the digitalisation of its embassy would serve as a launchpad for other economic plans in the virtual world.
Abed stressed that embassies are the starting point to getting visas into a country, and with that being said, the possibility of e-visas would be endless.
Decentraland’s MANA is sure to soar in the coming weeks as the platform just announced its achievement of successfully finalising the first-ever land purchase on the metaverse platform. Tokens.com and Metaverse Group purchased the 116 parcel estate in the fashion precinct.
The virtual reality platform also took the opportunity to disclose the possibility of major improvements in the fashion industry for digital creators and metaverse enthusiasts.
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