DECENTRALAND (MANA) is one of the attempts to make the Metaverse a reality. Currently, it has a market capitalization of over $1.5 billion USD and is one of the most popular cryptocurrencies in the 3D virtual reality (VR) platform built on the Ethereum blockchain that allows users to build virtual casinos, galleries, concert halls, theme parks, etc. and charge other players for access to them.
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Your Personal Space in the Metaverse: (MANA) Decentraland World
Decentraland offers users the opportunity to claim their own corner of the metaverse through Decentraland Worlds. With just a Decentraland NAME, users can establish their own 3D space separate from the open world of Decentraland. This personal space allows users to build, experiment, and host events, providing a canvas for their imagination to run wild.
Decentraland’s traversable VR space is referred to as LAND, which stands for “Land as a Non-Fungible Digital Asset (Ethereum-721) divided into 16x16m parcels.
MANA Crypto Current Price Analysis
The failure of the Falling Wedge pattern to break out has caused the price to fall back below the key level of $0.30, which served as a support level in June and January. This level is significant, and the price has now reached the $0.27 level, which was supported in September, however, the overall trend remains bearish.
The MACD indicator is below the MACD signal line, and the RSI indicator is below 45, indicating a bearish trend.
The nearest support zone has a value of $0.27, while the nearest resistance zone is valued at $0.30. From there, the range is $0.44 to $0.50.
In a four-hour time frame, the price is making a lower low and lower high. Currently, it is facing resistance. it may fall from here.
On the other hand, if it breaks the resistance trendline with a successful retest, then it can go upward.
MANA NEWS
MANA has demonstrated a positive trend over the past 7 days, with an increase of 6.85%, indicating a positive outlook for the future.
Furthermore, the market has recently witnessed a surge in investment opportunities in the form of DECENTRALAND, which may be an opportune time to invest. In the last hour, it’s gone up a whopping 0.42% too.
It’s currently trading at $ 0.28 per mana, which is 95% lower than its all-time high of $ 5.94. There’s a lot of supply out there, with 1.893.095.370.643 mana in circulation.
The Rise and Potential of Decentraland MANA
Based on Decentraland’s price movements at the start of 2023, the average monthly minimum average (MMA) rate is expected to be $0.296 for the month of October 2023, according to Cryptanalysis.
The minimum and maximum monthly minimum and maximum MANA rates can be estimated at $0.279 and $0.314 respectively.
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A Rollercoaster Ride: MANA’s Price History
The price of MANA has experienced significant fluctuations over time, as is typical in the volatile cryptocurrency market. In 2021, it surged by 4,000%, hitting an all-time high of $5.90. However, the subsequent year witnessed a market crash, leading to a roughly 90% decline in MANA’s value. Despite these fluctuations, MANA remains among the top 100 cryptocurrencies, underscoring its enduring appeal to investors and users alike.
Conclusion
In recent years, cryptocurrency and blockchain technology have become increasingly popular and accepted. Among the various cryptocurrencies available on the market, MANA (Decentraland) has been one of the most prominent in the crypto sector. Since its creation, MNA has experienced numerous highs and lows, with its extreme price volatility being one of its defining features.
MANA’s trajectory has been characterized by volatile price movements, with its recent peak of $5,94 providing a glimpse into its potential. Recent price analysis has revealed a number of challenges, including the testing of key support levels and the bearish trend revealed by technical indicators such as the (MACD) Marketers Error Model and (RSI) Relative Strength Index.
