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Decentraland gains mainstream acceptance as investors flock to under the radar cryptocurrencies
Decentraland is a virtual reality platform based on the Ethereum blockchain that allows users to create, experience and monetise content and applications. What is possible in the virtual world? You can buy plots of land that you can develop and sell. This platform was launched back in 2017 following a $24 million ICO, however, the virtual world opened to the public in February of last year. Since then, users have created a wide range of experiences on their parcels of LAND, including creating sprawling 3D scenes, creating interactive games and many other interactive experiences.
As you can imagine, the platform has captured the imagination of the cryptocurrency world and fans of virtual reality. The fact that you can develop pieces of virtual land and sell them makes the game worth participating in for many. To facilitate various activities on the platform, Decentraland has two tokens; MANA and LAND. The former is an ERC-20 token used to pay for a range of avatars, wearables, names, and more on its market place while the latter is a non-fungible ERC-721 token. You have to burn MANA to get LAND. This piece will explore the current price of MANA, likely events that can push its price up, and what pro traders have to say about its charts.
Decentraland 1 year price chart: Source Coinmarketcap
Currently priced at around $0.6318, MANA is 8,680% up from its all-time low of $0.00788 registered back in October 2017. This means that the price has grown 86x over the period, which is quite impressive. Most of the gains were registered last year after the launch of the virtual world. The token would rally with the rest of the crypto market and even manage to hit an all-time high of $1.63 achieved mid-April. Since then, the price has declined with the rest of the market, and at its current price, MANA is 57% down from its all-time high. Overall, the ROI of MANA sits at about 2500%, which isn’t bad compared to other top-performing cryptocurrencies. You have to realise a growth of 25x is insane in any other market, but it is relatively modest within crypto.
This section will cover factors that are likely to influence the price of MANA in June.
Compared to other cryptocurrencies, the ROI of MANA isn’t that impressive. Part of it has something to do with the main feature of Decentraland (the virtual world) launching only last year. As people discover what the platform has to offer and join to gain their own experiences, expect the gains realised from holding MANA to be better. There is a reason we love games, movies, virtual reality, and any other distillation of reality since they take what is fun about life and make a simulation out of it, which is enjoyable. Decentraland is going to be one of the top protocols with time, thanks to its unique offerings. As more people join to experience the virtual world, some experts believe the price of MANA might rally soon.
The crypto bull run that has been ongoing since last year seems to have come to a halt as of last month after some negative news from China and woes surrounding Bitcoin surfaced. The entire market has seen a significant correction; however, many experts believe that the bull run isn’t over yet. Part of this has something to do with strong interest from both institutional and retail investors. If this turns out to be a minor correction, then let’s expect to see MANA revisit its all-time high soon.
If this could be a slight reset since investors still seem bullish on crypto, then shrewd investors know these dips present a golden opportunity to buy a few tokens at a discount. As more investors engage in this activity, you can expect to see the price of MANA rise within the month.
MANA price analysis: Source TradingView
According to the chart, Jazerbay says we are looking for a double-top here. The chart shows we are in a large ascending channel, which means we will be expecting a breakdown soon. That makes this a risky trade, but he is looking to see if we can get a double-top before the down. We need a breakout from the channel it has been trading in for the last few days to do so.
He adds that we should watch out for MANA to hit near the bottom of the channel (our entry point) and then see as we make our way up to our target point (~1.64).
Please note, the above is a purely opinion-based piece, based on relevant data available. It should not be deemed as direct investment advice.
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