Decentraland (MANA) Price Analysis: Breakout coming?
What Is Decentraland?
Decentraland (MANA) is a 3D virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize. These plots of land are called LAND, and they are non-fungible tokens (NFTs) that the users permanently own.
What Is MANA?
But how do you buy LAND and interact with other users in Decentraland? That’s where MANA comes in. MANA is the in-game currency of Decentraland and serves as the platform’s cryptocurrency. MANA is an ERC-20 token that lets users purchase or trade LAND and pay for goods and services in the virtual world. The token can purchase estates, avatars, wearables and unique names through the Decentraland Marketplace.
MANA price TODAY
The price of MNA (Decentraland) is currently at $0.5034684 with a 24-hour trading volume of MNA (decentraland). This means that the price of MNA has decreased by $0.66 in the past 24 hours, which is a negative (-0.83%), and it has increased in the last 7 days, which is a +4.10%. The circulating supply of MNA is currently at $1.8 Billion, and MNA is currently valued at $986.341,208 in the market cap.
How Has MANA Performed?
MANA’s price journey has been quite impressive since its launch in 2017. The first recorded price of MANA was $0.02 in September 2017. Since then, MANA has experienced several spikes and dips, reaching an all-time high of $5.90 in November 2021. As of April 3rd, 2023, MANA is trading at USD 0.60, with a market cap of USD 1.1 billion, making it the 46th largest cryptocurrency by market cap.
As of October 2017 (approximately 6 years ago), the lowest price paid for Manna (MANA) was USD 0.00923681. As of now, the current price for MANA is USD 5,669.00, which is 50.50% above the previous low price.
Current Price Analysis of MANA (Decentraland)
Multiple times tried to break the parallel channel, but failed miserably as it got rejected by parallel channel’s upper trendline resistance, which needs stable and heavy volume to breakout in violent manner.
The price is in an uptrend and trading in a channel-up pattern. The price has just broken back above the ($0.50) resistance and has an upside potential of $0.60-$0.70 with a stop loss at $.40 (previous swing low). The price is also trading in a trendline-up pattern.
Traders who think the price will stay within the channel should initiate trades when it fluctuates within the trendline. Complete patterns (e.g., a breakout) should be initiated when it breaks through the trendline either on the top or bottom, as this can cause the price to move quickly in that direction.
The momentum is bullish (MACD line above MACD signal line and RSI above 55). The support and resistance levels are the nearest support zone ($0.50) and the nearest resistance zone ($0.70) respectively.
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Price Prediction
Cryptocurrency experts anticipate that in January 2024, the Decentraland (MANA) price could range from a minimum of $0.549 to a maximum of $0.606.
The average predicted value for Decentraland during this month is around $0.578. This forecast suggests a potential return on investment (ROI) of 11.6%. Investors are eyeing potential gains in the coming month based on these projections.
Conclusion
In recent years, cryptocurrency and blockchain technology have become increasingly popular and accepted. Among the various cryptocurrencies available on the market, MANA (Decentraland) has been one of the most prominent in the crypto sector. Since its creation, MNA has experienced numerous highs and lows, with its extreme price volatility being one of its defining features.
