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Decentraland has gained 3% over the past day.
The native MANA token remains the key to the metaverse space.
The token is under low buying pressure with an RSI of 38.
Decentraland MANA/USD shows signs of early recovery. Over the past 24 hours the token has risen by 3.2% while he remains down 0.49% over the last week. MANA is not the only token making a comeback in the Metaverse space. Sandboxes rose 3.66% over the period.
Despite the positive gains, Decentraland is a shadow of itself. The token is down significantly from last year’s ATH of $5. At the time of writing, MANA was trading at $0.76. Despite this, Decentraland remains an important crypto project. We support emerging crypto sectors such as DeFi, DEX and NFT.
Decentraland is a protocol for metaverse and crypto games. On the platform, users can interact, play games, purchase items, and participate in virtual events. Its native MANA token is based on Ethereum’s ERC-20 standard.
Looking to the future, the metaverse may gain momentum. A popular feature that allows individuals to purchase LAND tokens is gaining momentum among businesses. A virtual asset represents a unique piece of virtual land that is bought and sold on the open market. Despite positive predictions, MANA has some hurdles to overcome in its technical outlook.
Source: Trading View
According to the daily chart above, MANA is trading near the $0.76 support level. From the chart, the bears still dominate the Metaverse token more. If the RSI is 38, the token lacks buying pressure and we can retest lower levels. Moreover, MANA is trading below the 20-day and 50-day moving averages, providing resistance from above.
MANA’s current price rally shows that the bulls are buying downside. However, momentum is still low and upside potential is low. The current level is not a perfect entry point as MANA is unlikely to continue its uptrend. Some consolidation may occur around the moving averages.
