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- MANA Token price rises more than 20% in the past day but fails to reach the $0.88 mark.
- The death cross in the daily timeframe seems delayed as the price jumps.
- The pair of MANA/BTC trades at 0.000002207 BTC with a move of +2.56% per press time.
MANA token price fell back to the 20-day EMA after facing opposition from the $0.8 mark. The 20-day EMA helped the price rise higher, but the latest bullish attempt also failed to rise above the $0.8 mark.
The 200-day EMA moves sideways as the price struggles to move above the 100-day EMA. The sloping 50-day has gone sideways, delaying the death cross. Investors with bullish hope must wait for the price to sustain above the $0.88 mark.
However, the recent rejection of the coin price near the $0.8 mark projects a minimal possibility of a bullish outbreak.
The ADX indicator implies a loss in trend momentum as the coin price moves between the 20-day EMA and the $0.8 mark.
What makes Decentraland unique?
Decentraland is for content creators, companies, and individuals searching for new artistic mediums, business opportunities, or sources of entertainment.
The Decentraland gameworld, also known as the “Metaverse,” is broken down into 90,601 separate parcels of LAND. Each of these represents a non-fungible token. Each LAND measures exactly 16m x16m (100 sq. meters) and is located at a specific coordinate in the Metaverse.
Although LAND holders can develop their plot as they wish, the Metaverse classifies into many districts. Each district has its distinct theme and size. Its created through crowd sales of MANA tokens. Parcels of LAND in these districts are not tradeable.
The cyberpunk-themed Aetheria, which consists of 8,008 LAND, is the largest district as of January 2021.
Decentraland is one of many projects that use a decentralized autonomous organization ( DAO) structure to make governance decisions. For example, MANA toker holders can vote on policies, the details of upcoming LAND auctions, and what content is allowed in the Decentraland universe.
Decentraland users can monetize their land through advertising, leasing, and paid experiences. Other users can also make an income selling products on the Decentraland marketplace in return for MANA tokens.
Failure In Rising Above May Lead To Greater Downfall For MANA Token
The coin price rose 25% over the last 48 hours in the 4-hour time frame. The jump in price suggested a possibility of a short-term uptrend, but the resistance from the bears opposes the price to rise above the previous swing high in the 4-hour timeframe.
The coin price rose above all the significant EMAs in the 4-hour chart after falling back to 100 EMA. However, the coin price has started to decline after making a lower high despite the v-shaped recovery. Investors might soon see the price hit the $0.58 mark.
Conclusion: MANA Token prices reverse from the $0.8, projecting the presence of a strong supply zone near the mark. The supply has resulted in the price reversal and may guide the price back to the $0.5 support level.
Support- $0.5 and $0.21
Resistance- $1.0 and $0.8
