- MANA Token price has been cut to half within a month as the price falls within support from EMAs.
- The token price is trading below the 200 EMA, with the 50 EMA moving with a negative slope, increasing the death cross possibility.
- The MANA/BTC pair trades at 0.000001518 BTC with a loss of 0.60% per press time.
In the daily timeframe, MANA token price failed to reverse back into the back after facing the rejection near $1.55. The token price has breached all the critical EMAs and now trades below the 200 EMA.
The 50 EMA falls with the price projecting the high probability of a death cross in the daily technical chart. The death cross might further influence the token price resulting in the possible downfall of 20% to 40%.
The Relative Strength Indicator (BEARISH) indicates a strong underlying bearish sentiment. The RSI line is trailing just above the oversold zone and fails to showcase any divergence possibility.
Bears Controlling The MANA Price Trend, Bulls Struggle To Override
In the 4-hour timeframe, the coin price has managed to rise 25% in the past week, projecting the possibility of a short-term uptrend leading to the formation of a lower high in a larger time frame.
The coin price has increased above the 50 EMA and retested it, projecting the increasing chances of an upside move. However, MANA must price above all the critical EMAs in the 4-hour timeframe to prove enough bullish momentum.
Decentraland (MANA), a virtual reality platform built on the Ethereum blockchain, enables users to create, experience, and monetize content and applications.
Users can purchase plots of land in this decentralized virtual world and can later navigate, build, and monetize through various methods.
Decentraland launched with a $24 million initial coin offering (ICO) in 2017. The decentralized virtual world ended beta in 2019, followed by opening to the public in February 2020.
Ever since, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes, and various other interactive experiences.
Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
Decentraland Shopping Mall
A plot of land in decentralized virtual world Decentraland has been sold for the highest sale yet in the US dollar value worth of $913,808 will soon be turned into a virtual shopping district.
The Republic Realm, a New York-based digital real estate firm, acquired the estate on June 18 for a record-breaking $913,808 worth of MANA.
The estate comes in the form of a non-fungible token (NFT). NFTs are collectibles that are minted on the blockchain, representing various types of digital files, such as .JPEG or .MP4, or in this case, virtual piece land.
Conclusion: MANA Token price must rise above all the critical EMAs to prove that the up move is packed with sufficient bullish momentum. However, Investors must hold on to their and not enter hastily as the death cross possibility increases in the daily timeframe.
Support– $044 and $0.21
Resistance– $1.06