The Ethereum blockchain powers Decentraland (MANA), a virtual reality platform that enables users to create, enjoy, and sell content and apps.
Users buy plots of land in this virtual environment that they can later explore, develop, and monetize.
A $24 million initial coin offering (ICO) that was held in 2017 led to the creation of Decentraland. The closed beta for the virtual world began in 2019 and it became accessible to the general public in February 2020. Since then, users have developed a wide range of interactive activities on their LAND parcels, including games, expansive 3D scenes, and other interactive experiences.
Decentraland Today’s Price
| DATE | Mana | USD |
|---|---|---|
| Today | 1 | $0.327417 |
Decentraland Price Prediction:
MANA had formed a fresh, higher bottom by the time of publishing, signalling bullish momentum. In particular, rather than rising suddenly from the oversold position, the Relative Strength Index (RSI) increased gradually. This demonstrated how the power of sellers was eroding over time due to growing buying pressure.
If the current trend continues, MANA might attempt to test or surpass the resistance level at $0.3101 The bulls may concentrate on the target price of $0.3141 set by the 26-period Moving Average if they are successful in breaking over the resistance level.
Selling was represented by the red Directional Movement Index (DMI) line, which was also on top but slightly inclining. It demonstrates that sellers continued to dominate the market even as buyers made steady progress. In the event that the trend holds, bulls might approach the barrier.
The bears nevertheless possessed considerable strength. The aforementioned optimistic bias might be proven incorrect if bears make a significant move, pushing MANA to the demand zone near $0.3019.
The weighted sentiment index for MANA, according to Santiment, increased toward the neutral level, indicating that investor opinion for the asset has improved.
However, due to the decline in the Binance Funding Rate for the MANA/USDT pair, there was limited demand for MANA in the derivatives market.
Despite this, when the price of MANA rose, there were an increasing number of active addresses trading it. If the rise had kept up its speed, trade volume and buying pressure would have strengthened.
However, a weak BTC can harm MANA and obstruct its advancement. Investors should therefore keep an eye on BTC’s performance.
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