With the rising cryptocurrency prices, the once-dormant online communities of multiple projects are starting to show engagement again. This is visible on several social media platforms, in the form of multiple posts or tweets about the respective projects. While there has surely been an increase in the overall movement of the market, it may still be too soon to speculate which category of crypto may indeed grow in a longer timeframe.
MANA or Decentraland has been a cryptocurrency initiative that has always been at the helm of the metaverse and P2E gaming category. It is a project which has gained immense popularity and was one of the most loved tokens for several weeks in a row. While the growth of MANA was surely stunted by the market crash in 2022, the new year seems to have a different approach when it comes to the price of the token.
In this article, we will cover MANA and its potential price action while keeping in mind the multiple factors that could affect its growth in a positive or negative way. But first, it is vital that we have an idea of what exactly MANA is and how Decentraland as a project is a fundamentally strong initiative.
Decentraland (MANA) – An Overview
Launched in 2017, the groundbreaking project was created by Argentine blockchain professionals Ari Meilich and Esteban Ordano. The digital game Decentraland is essentially a three-dimensional simulation of reality. This open-world metaverse, a 3-D user-owned Ethereum-based virtual reality platform, combines virtual reality, augmented reality, and the internet. It enables users to take part in a communal digital experience where they can play games, trade collectables, buy and sell wearables for avatars, network, and engage in other online activities.
The platform aims to provide incentives for a global network of users to run a cooperative virtual environment while assisting them in discovering fresh and cutting-edge ways to make money. Decentraland is a component of a developing metaverse movement that has caused a boom in coins with a metaverse theme.
Users are able to control a fully immersive virtual reality world they have created through its decentralised independent structure (DAO). With the help of this innovative initiative, users can directly vote on the game and the organization’s regulations, setting it apart from other virtual reality games in that it gives players some power over their surroundings. The native token for Decentraland is MANA, which is currently trading in the $0.78 range after touching a recent high of $0.8 a couple of hours ago.
Price Crosses the $0.8 Mark; $0.85 the next target?
Since the prices of crypto as a whole started shooting up, MANA has also seen a considerable pump. The token was trading at around $0.3 during the first couple of days in 2023. However, the current price has exceeded the $0.8 mark, which has put investors in a buying frenzy. While there have been multiple updates and developments within the actual project, it can be assumed that most of the growth is due to hype of the re-awakening of the community due to the recent bullish sentiments.
Potential daily cup & handle on $MANA. Will be monitoring for a daily close above ~0.745. 52% upside potential. $BTC #BullishAF #Crypto #cryptotrading
Author: @Bron_Crypto pic.twitter.com/9y0S5HGifd
— The Ladders Club (@TheLaddersClub) January 25, 2023
As of now, the price has started taking a slight pushback, which may not infact be a reason for concern. It is very likely that MANA will drop slightly and pump towards the next target of $0.8. However, it is vital that the market stays in good spirits and investors constantly look forward to stocking up on their favourite altcoins. A popular crypto analyst by the name of Bron Crypto on Twitter claims that MANA may be looking to form a daily cup and handle the charts. While this is a possibility, the market condition as a whole is also a factor to consider with scrutiny.
Is it a Good Time to Buy MANA?
Decentraland is surely a project that has established itself as a fundamentally strong initiative. However, its utility-driven MANA token cannot be expected to perform the way it did during the previous bull run at the moment. Multiple factors can be routed for this claim. One of these factors is that the trend or hype behind Decentraland as a metaverse project has dimmed in the past couple of months.
Secondly, the condition of the market may have improved slightly, but there have been no clear signs of a bull run as of now. This has caused several investors to be sceptical about parking their funds into projects, irrespective of their quality of historic returns.
There are multiple projects in the Metaverse, P2E and Green crypto categories, which have been gaining popularity lately. Some of these projects are still in their presale phases, which can be one of the best times to invest in such initiatives. While MANA can be a good investment for those looking for long-term options, presale tokens can be excellent alternatives that can provide investors with exceptional returns in a shorter timeframe. However, it is important that each of these presale tokens have strong use cases and a massive community.
To help you find some similar presale crypto gems, we have listed a couple of projects that we believe can be excellent options considering the current market condition. Click on the text below and read about some of the most high-potential presale projects that you can check out and get into right now!
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