Betting on the Metaverse | MANA Technical Analysis shows Value of Owning Online LAND

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Betting on the Metaverse | MANA Technical Analysis shows Value of Owning Online LAND

In 2017 a new ICO was launched for a token based on the Ethereum blockchain, which allowed people to participate in the community-owned virtual world known as Decentraland. Entering into this virtual world gives users the freedom to create, monetize and participate in virtual creations such as interactive games, 3D simulations, and many unique interactive experiences. The token was called MANA and it raised $24 million during its initial launch which was a private launch.

Since 2017, there have been numerous upgrades, developments, and in the last year there has been frequent news updates indicating this token’s growth. After a launch to move to public use in Feb 2020, Decentraland has witnessed a grown in total active users and the value of its MANA token has grown with it. Decentraland has a two token system, the first one is MANA, and the second is the LAND.

Being an Ethereum-based ERC20 token, MANA must be burned (aka spent) to acquire the Decentraland NFT token known as LAND. Users can also use their MANA holding as currency for other NFTS such as avatars, wearables, and other unique and valuable items which can be purchased through the decentraland marketplace. Decentraland MANA is the 35th largest crypto token with a combined market valuation of USD 5.9 billion. In recent times there have been significant spikes in the value of LAND and other virtual-real-estate NFTs and this could be the prime time to pick up and own your own virtual home in Decentraland.

Related: Splinterland Profits Explode on Secondary Market with NFT Plots, Tracts & Region Sales

Technical Price Analysis 

MANA token can be considered the tangible value token of the Decentraland ecosystem, which enables users to buy NFT tokens of LAND and various virtual reality items. MANA remained at small trading levels since its release in Feb 2020 but has since seen enormous gains including a spike upwards of 400% in 2021, following Facebook’s announcement that they would be rebranding as META and looking to build out the Metaverse.

Exploring Decentraland: A Review of the Virtual World Built on Ethereum –  Reviews Bitcoin NewsMANA token prices may have only just started their ascent in 2021 though. Looking at the history of MANA prices, it went up from $0.025 in Feb 2020 to $0.07 on January 01, 2021. This jump was nothing compared to the 40x jump in the peak buying session of May 2021. There, MANA succumbed to selling pressure, dropping back to the $0.46 levels, and remaining there for two months before finally seeing some more buying action. In the last, however, MANA spiked like never before, breaking out of its narrow consolidation zone of two months and offering a high return on investment to its holders.

The breakout of October 28, 2021, indicated a potential for MANA to retest its previous highs of $1.58 in May 2021. A continued buying session was witnessed on MANA for close to three days, hitting a fresh all-time high of $5. This jump was unprecedented when it happened, but experts were indicating a possibility of further gains. Based on this Decentraland price prediction, MANA can potentially become the top 10 crypto tokens within the next year with the substantial rise in NFT tokens which could make it a better investment than your traditional housing market!

RSI has jumped from an average level between 60 to 80, and holding above 70 should be considered an extreme positive buying level. At present, $2.37 has emerged as an immediate support level, while $3.665 is its primary resistance level. Consolidation in this range could give another breakout and substantial up move, but a continued rally would result in a booking profits

 

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