Decentraland (MANA) describes itself as a virtual reality platform powered by the Ethereum blockchain, where users can create, experience, and monetize content and applications. MANA and LAND are the two tokens used by Decentraland. MANA is an ERC-20 token that needs to be burned in order to obtain non-fungible ERC-721 LAND tokens. MANA tokens can also be used to buy avatars, wearables, names, and other items on the Decentraland marketplace.
Let us look at MANA’s technical analysis.
As shown in the monthly chart below, the price of MANA has been sustaining around $0.75 or lower for months. It received a strong impetus in November 2021, changing its scene of moving averages as the price trend surpassed $1.
On October 29, 2021, the price jumped to $1.386 and has been steadily rising since then, with only minor dips in between. Yesterday, the price was hovering around $4.890, with a high of $5.192 and a low of $4.860. Furthermore, the MANA price change in the last 24 hours was -5.74 percent.
Technical Analysis of MANA
On Thursday, the MANA token reached a new high of $5.84 for the first time. It has increased by nearly 40% in the last seven days.
The token of the Ethereum blockchain-based decentralized virtual reality platform now has a reported market capitalization of $9.2 billion.
The OBV is following a similar pattern to the price chart. It is on the verge of reaching a volume of one billion. As a result, buying volumes are higher, causing the price to rise.
The RSI is currently at 71.62 percent, indicating that the bulls are in control of the price today. This will help to keep the rally going.
The MACD and the signal line are parallel, and we will watch to see if the MACD falls below or stays afloat with the signal line.
Today’s MANA Price Trends
If you have recently purchased MANA, now is a great time to book your profits and hodl. For more immediate gains, look at resistance levels of $5.231 and $5.251. Look at support levels of $4.132 and $3.783 to see how low the coin can go.