In the Discord environment for members of Crypto Insiders, current technical analyzes are shared daily by experienced analysts. During the past period, Decentraland (MANA) was regularly discussed here. In this article we review this technical analysis and map recent developments and expectations for the next period. If you still have questions after reading this article, you can easily ask them in our Discord community. Here, our technical analyzes are usually shared with our members 48 hours in advance.
MANA is down 1.5% in the last 24 hours. In the last seven days, the share price has fallen by around 11%. Additionally, MANA is down 1% against bitcoin in the last 24 hours. MANA is, at the time of writing, the 35th largest crypto with a market cap of approximately $1.7B.
What is Decentraland (MANA)?
Decentraland is an Ethereum (ETH) based virtual reality platform. Decentraland offers players the opportunity to create, play and monetize their own experiences. In this virtual world, players can buy land and build on it. Decentraland falls within the metaverse sector and is comparable to projects like The Sandbox (SAND).
Recent Developments Decentraland
Based on recent developments, Decentraland is a very interesting project. Developments take place both in the “real world” and in the virtual world, as you can see in the following two examples.
First of all, we saw that the project has given Decentraland Games a grant of $1 million worth of MANA tokens. This is to date the largest fair in the history of Decentraland. What should happen with this grant was determined through a round of voting. Investors who own MANA can vote for or against a proposal. This time, the community voted that the exchange will be used to additionally reward investors from the ICE-USDC liquidity pool. In this way, Decentraland Games wants to make it more attractive to provide liquidity.
Plus, there’s more than enough going on in the virtual world of Decentraland as well. This is mainly in the form of various events. These are, for example, events organized by Decentraland itself, such as the decentraland’s birthday that we saw in February. In addition, these are mainly events organized by the community. For example, Decentraland players were recently able to visit the Metakey headquarters for a metaverse conference watch. Through this page you can keep track of all the different events.
MANA technical analysis
Our technical analysis for Decentraland (MANA) looks positive so far. We expect the price of MANA to rise in the medium term.
At the time of writing, a first wave, i.e. wave A or 1, can be seen on the Elliott wavand analysis. It is not entirely clear yet if this is a Wave A or 1, but that will become clear very soon with time.
As a result, we expect the price to make a small move down to the green zone between ($0.9 and $0.99) on the chart before the price goes back up. We expect MANA to move towards $1.64 next.
If you have any questions about the chart below, you can ask them in our Discord community for members. Here you can easily get in touch with experienced cryptocurrency analysts and traders.
What are the expectations for Decentraland?
While Decentraland is already quite successful, there is still a lot to come for the project. From the road map we can say that the team is currently busy developing a desktop and mobile version of the metaverse game. They also work on improving virtual reality clientthe program with which you can play the game.
Whether the above developments will have a greater impact on the price, however, depends on a host of factors. Currently, the crypto market is highly affected by economic developments and traditional stock markets. That makes it more difficult to analyze prices right now.
Crypto Insiders Discord Community
Would you like to see this type of crypto price analysis sooner? Then we would like to recommend you for our Discord community for members† Here, experienced traders and analysts discuss their own trading plans on a daily basis. We also regularly share additional price analysis and project updates that we have discussed earlier in this section. Through Discord we are able to share knowledge with each other 24/7 and we try to stay ahead of the market together with our members.
Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this website is based on the knowledge and experience of our own analysts and is for educational purposes only.