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- Decentraland has seen a fall of over 85% from its all time high. Its on chain health is posing a bearish picture .
- Technical indicators of MANA crypto suggests a consolidated trend. MANA/BTC pair has seen a gain of over 0.17%
Decentraland defines itself as a virtual reality platform which is powered by Ethereum blockchain. Decentraland ICO came in 2017 and was opened for the public in 2020. On Decentraland users can monetize their contents. MANA combines their digital gaming platform and blockchain.Decentraland was founded by Ariel Meilich and Esteban Ordano. The game world of MANA has been divided into 90,601 individual parcels of LAND which are represented by ERC-721 token. Each LAND has a particular size and has a particular coordinate in Metaverse. Decentraland has an ROI of 1421%. It has seen a decline of over 85% from its all time high.
MANA has a market cap of over $729 Million and has 1,855,084,192 of supply. Volume of Decentraland has seen a spike of over 104% in the intraday session. Volume to market cap ratio of the asset price suggests an upside trend.
Technical Indicators Are Favoring A Strong Upside
The weekly technical chart of the Decentraland suggests a consolidated trend in price. On coming to the daily chart the asset price has seen a gain of more than 1.5% and is trading near the value of $0.39. The coin price is currently has formed a strong consolidation range. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the asset price suggesting a downside trend. Resistance of MANA can be seen near the value of $0.6. The downside trend can see a halt near the value of $0.15.
Conclusion
Decentraland has been affected by the downtrend in the crypto market. MANA stock price is currently in a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$0.154
Major Resistance:$0.65
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
