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- 1 MANA social dominance has seen a rise recently as per the santiment data
- 2 MANA may see a weak bearish run before jumping back to a new high.It has seen a fall of 1.08% in the intraday session
MANA operates on the Ethereum blockchain and is used in the Decentraland world. Decentraland is a decentralized virtual reality platform which helps users to create, manage and even sell their content. MANA is the official currency of this virtual world which helps users to buy and sell any digital assets. The ICO of MANA came in 2017 and has seen a strong popularity among the investors and users.It has a total supply of 2.19 Billion with a circulating supply of 1.85 Billions. Decentraland gives their users full control of their virtual assets which makes a unique proposition to their users. As per the Santiment Analysis the social dominance of MANA is growing but the devs activity are declining
MANA has a market cap of $1.06 Billion and is ranked 48th in the cryptoverse.Its volume has seen a decline of 38% where majority of volume comes from CEX. Volume to market cap ratio of MANA hints towards a consolidation in price
Are Bears Pushing MANA Down?
MANA has been observing a weak bearish trend on the weekly chart for a long time.It has seen a fall from the highs of $5 to a low of $0.5.MANA is currently trading near $0.57 with a small drop in the intraday session.The upside trend of MANA can see a halt near the value of $0.8.Meanwhile a bounceback in the asset price can be seen near $0.5. There is a weak downside triangle formation in the chart which can assist the price to lower level. MANA price is currently trading below the 50 and 100 Daily Moving Average with an upcoming negative crossover.If the asset price fails to breakout above the given DMA then a bearish momentum can be seen in the future.
RSI of the MANA is near 47 with no slope in the indicators.The overall sentiment of the RSI is neutral
Conclusion
Decentraland is seeing a rise in the social dominance but it needs to attract more and more devs.Various analysts are expecting a strong rise in asset price in future.
Technical Levels
Major Support:$0.25
Major Resistance:$0.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
