- A weekly decrease of 11.99% has been observed in the Decentraland price chart.
- Technical indicators summary suggests a negative signal in the current phase.
- The trading volume has increased 11.50% in the last 24 hours.
Powered by the Ethereum blockchain, Decentraland (MANA) is a virtual reality platform that allows users to experience, create, and monetize content and applications. The initial coin offering of the platform was conducted in 2017. Subsequently, Decentraland opened to the public in February 2020, allowing users to create a broad range of experiences on their parcels of LAND, interactive games, sprawling 3D scenes, etc.
MANA Sustains Its Six-Month Returns Above 110%
The cryptocurrency fell at the start of the year. The price declined over 16% in January 2024, which is also a bullish correction period for the price. In February 2024, MANA opened a bullish journey from the $0.4342 support level.
Consequently, the price experienced a massive rise of 51% in February resulting in a complete change of market sentiments. However, the crypto price faced almost equal pressure from buyers and sellers in March, resulting in only 1.08% growth.
Supply, Distribution, & Valuation Of The Decentraland Cryptocurrency
The initial token distribution of the Decentraland Cryptocurrency is as follows:-
- 40.00% is allocated to the crowd sale (ICO).
- 20.00% is allocated to the Decentraland Foundation.
- 20.00% is allocated to the Team & Early Contributors.
- 20.00% is allocated to the Community & Partners.
The total supply of the MANA tokens is at 2.19 billion, and the fully diluted valuation is estimated at around $1.29 Billion. There are 1.90 billion tokens currently circulating in the market, with a market capitalization of $1.09 billion. The MANA has a volume to market capitalization ratio (VMR) of 4.24%, reflecting higher liquidity in the digital asset.
Technical Analysis Of The Decentraland (MANA) Price
The golden crossover between the key exponential moving averages positively impacted the MANA token price. The 50-day and 200-day EMAs have been acting as dynamic support. However, the price reflects uncertainty in the current phase.
MANA token price has experienced a negative fall from the $0.8145 resistance. Earlier, the price gave a breakout from the $0.6129 resistance, which is currently preventing the price from falling further. The price is hovering above the $0.5772 bullish POI. If the price witnesses a sharp closing above $0.6996, it will likely reach the $0.8428 resistance.
The relative strength index (RSI) reflects an internal bearish divergence in the current price momentum. This indicates that the price is under strong selling pressure in the current phase. The RSI is moving at $42.96 below the signal line.
Summary
The Decentraland (MANA) token price has reflected a beautiful uptrend since October 2023. The cryptocurrency currently reflects above 110% of six-month returns. However, the token price has faced some negative drawbacks in recent sessions. At present, the MANA token price is trading above the $0.5772 bullish POI. The price can surge up to the $0.8428 mark if the price has a closing above $0.6996.
Technical Levels
- Resistance Levels: $0.6996 and $0.8428
- Support Levels: $0.5772 and $0.4604
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.