MANA is Manna? Decentraland pushes Metaverse market cap, but here’s the caveat

Decentraland, ApeCoin, and The Sandbox are leaders of the Metaverse space. Especially since together, they hold about 40% of the entire market capitalization of Metaverse tokens.

With the broader market’s cues turning bullish, these cryptocurrencies were bound to be affected. In fact, led by the Decentraland, their rise pushed the sector’s market cap above $15 billion today.

Decentraland brings profit to the virtual world

Decentraland’s MANA, at press time, was exhibiting an interesting pattern on the charts. One where the altcoin seemed to be repeating the same bullish behavior it has been observing since November 2020.

The buying pressure for the altcoin, beginning from the lows of the oversold zone, lasted for 138 days back in November 2020 to March 2021 and 132 days between June 2021 and November 2021.

This pattern places the next stop of MANA’s current streak of rising demand, one that began in May at around 19 September. This gives the cryptocurrency enough room to mark a rally bigger than the current 47.14% and eventually, reclaim the 23.6% Fibonacci level.

Decentraland price action | Source: TradingView – AMBCrypto

This is a crucial support line, and if MANA is able to rise above it, it will have some chances of eventually hitting its all-time high of $5.16 in November 2021.

The rally would mean a big boost in profits for the 60% of investors that have been craving the same for more than four months now. This is necessary since not just individual profits, but the overall network performance has also seen a decline when it comes to sales and value. This could be revived if the market maintains its bullishness on the charts.

Decentraland investors in loss | Source: Intotheblock – AMBCrypto

The skepticism surrounding market recovery from last month resulted in a lack of sales as only 728 plots were sold, when compared to 1018 from the month prior.

Furthermore, the first week of the month only registered the sale of 155 plots of LAND. This pushed the expected sales for August to 620 – A number that will be the lowest noted sales figure in 10 months.

Decentraland LAND sales | Source: Intotheblock – AMBCrypto

Ergo, a lot is riding on MANA following this pattern and rallying over the next few weeks.

https://ambcrypto.com/mana-is-manna-decentraland-pushes-metaverse-market-cap-but-heres-the-caveat/

Post a Comment

Previous Post Next Post