- Decentralant crypto price is trading at $4568, with an intraday drop of 1.83%, showcasing bearishness on the daily technical chart.
- MANA crypto monthly price is down by almost 33.98%, showcasing sellers as dominating buyers.
Decentraland, identified by its token MANA, is a digital reality realm built on the Ethereum network, offering its users the tools to craft, explore, and capitalize on content and apps.
Participants can acquire virtual plots in this immersive platform, which they can then traverse, develop, and commercialize.
Initiated with a $24 million ICO in 2017, Decentraland entered a closed beta phase in 2019 and became accessible to all in February 2020. Post-launch, the community has forged various immersive experiences on their LAND holdings, from engaging games to expansive 3D environments and various interactive ventures.
The ecosystem operates on two distinct tokens: MANA and LAND. The MANA token, compliant with the ERC-20 standard, is used as a destroyed currency to obtain the unique, non-fungible ERC-721 LAND tokens. Additionally, MANA serves as a medium of exchange for digital goods like avatars, apparel, aliases, and more within the Decentraland bazaar.
Technical Analysis of The Decentraland Crypto Price
The current MANA price forecast highlights the ongoing struggles of the cryptocurrency in its attempts to regain its previous market gains. However, trading volume remains below average and needs to increase throughout the day’s trading session. On the other hand, the MANA cryptocurrency is currently trading below its 20, 50, 100, and 200-day daily moving averages, indicating a need for more buyers to enter the market and initiate a recovery phase.
The Relative Strength Index (RSI) is currently at 37 and has remained steady, indicating a bearish market. Moreover, the Moving Average Convergence Divergence (MACD) line overlaps the signal line, waiting for a potential crossover. Therefore, if you are an investor in the MANA cryptocurrency, you should exercise patience and closely monitor the daily chart for any significant directional changes.
Additionally, the MACD line is declining from higher levels, followed by a similar decline in the value. The histograms suggest a bearish market trend while the lines trade above the zero level.
MANA Crypto Daily Active Addresses vs. Volume
According to the graph of Daily Active Addresses and volume, the trading volume has witnessed a drastic fall in the last few days. According to our analysis, based on the change in trading volume, the MANA crypto price may perform negatively for the next few days. The 30-day active address is 13.3K.
Social Volume and Social Dominance are looking Weak
Social dominance and volume indicate the popularity and awareness of MANA among users on different social media platforms such as X, Instagram, and Telegram.
According to the graph depicting social dominance and social volume, there has been a neutral trend in the number of social media users, which could have a positive impact on the price of MANA.
Summary
MANA cryptocurrency has dropped by almost 33.98% in a month, indicating a bearish market trend. The current MANA price forecast highlights the ongoing struggles of the cryptocurrency in its attempts to regain its previous market gains. Monitoring the daily chart closely for any significant directional changes is advisable.
Technical Levels
Support levels: $0.4214
Resistance levels: $0.5415
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.