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Highlights
- Decentraland (MANA) is a virtual decentralized platform which is powered by the Ethereum blockchain.
- The blockchain-based game allows the users not only to create personalized avatars, but also monetize content and applications.
- At the time of drafting this report, MANA was down by 3.54% and was trading at US$2.78 with a trading volume of US$706,447,662 over a day.
Decentraland (MANA) is a virtual decentralized platform which is powered by the Ethereum blockchain. It saw a dip in its momentum in the last one week. In fact, it was struggling to regain its previous rally as the metaverse hype weakened and saw a dip among the investors in the recent past. In the last seven days, MANA was down by almost 12%, indicating that it could be in for a bearish phase.
However, the blockchain-based game allows the users not only to create personalized avatars, but also monetize content and applications. It is being backed by some of the big names in the industries. Recently, Samsung announced that it would be opening its Virtual Store 837X in Decentraland Metaverse soon.
Also read: Why is MultiVAC (MTV) crypto surging today?
Though the market would have anticipated a rally largely due to the partnership, it seems, MANA is refusing to give up its bearish phase and the bears would continue to rule over the bulls. MANA on Tuesday was down by 3.54% and was trading at US$2.78 with a trading volume of US$706,447,662 over a day.
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In fact, if one was to look at the chart, the RSI (relative strength index) indicated at the worm arrow at the bottom is at 38.92, indicating that bulls have a stronghold and are not allowing a rally perspective for the token. The last time it breached the 50 mark was on 6 January when it reached as high as 50.65. Since then, it has been a steady slide for MANA signalling it will take some time for it to move up the ladder.
Also read: Why is Radix (XRD) crypto trending today?
Even the Moving Average Convergence Divergence (MACD) shows that the signal line, represented by the red histogram, and the trend line (in blue) are parallel in nature, indicating a price dip. While the price fall is imminent, the MANA token has attracted good volume. At the time of writing, MANA had a price gain of 45%.
Is the market in for a huge sell-off?
The market sentiment is grim considering the overall market scenario. There is a great amount of panic and fear that has set owing to the dropping prices in the overall crypto market.
However, it is important for investors to realise that one should not get swayed by any form of panic selling or buying. Experts feel that investors should not get bothered with the dropping prices and shouldn’t go by the short-term trends.
Whether it would rally again or not only time will tell, but holders should hold on to the token as it was one of the strongest tokens going around in the market along with The Sandbox. In no time, it might see a rally and reach its old highs.
