Decentraland gained immense popularity since the beginning of November 2021. The huge growth during this period has secured the assets place among the top 5 assets concerning the trading volume. MANA is one of the most efficient and promising NFT built on the Ethereum platform. The users here can buy, sell virtual assets in the virtual world. Also, they can build and trade virtual applications.
How & When Decentraland Came Into Existence?
The current advisors of Decentraland, Ariel Meilich & Esteban Ordano founded the platform way back in 2017. It was launched following a $24 million ICO and launched its beta version in 2019 with a trading debut in February 2020. It’s a virtual reality platform built on the Ethereum blockchain that enables users to build and deal in the virtual world. The platform is a primitive platform that is completely owned and managed by the users.
The popular NFT has mainly three layers:-
- Consensus Layer
- Land Content Layer
- Real-Time Layer
Decentraland’s native token called MANA which is an ERC-20 token is used to pay for a wide range of avatars, names, digital land & applications, etc on its marketplace. The other native token, LAND which is an ERC-721 token & can only be acquired when MANA is burned. The MANA price in recent times successfully accumulated huge user attention and hence a healthy uptrend could be well in place.
Will MANA Touch $10 by the end of 2021?
MANA price began the current year’s trade with a bearish note after remaining calm for more than a couple of years. The eye-catching rally from $0.08 to its highs of $5.90 within a very less time frame caught everyone’s attention. The asset rose more than 2300% during the bull run 2021 and crashed nearly 300% during the May crash. However, the asset without wasting much time reignited a recovery phase.
The NFT is currently trading around $5 and a series of positive updates are currently hovering around the platform. And hence amid such a case, the asset may get a major push and may leap towards a double-digit target. Yet with a substantial uptrend, the MANA price may eventually barge through the ATH and attain a local high close to $6. However, the price target for the end of 2021 remains around $10.
Factors affecting MANA Price Today
One of the important factors that may impact the MANA price today is the burning mechanism. For each Decentraland marketplace transaction, nearly 2.5% MANA is burnt. Similar to that of the EIP 1559 upgrade of Ethereum.
Other factors may include, growing Decentraland marketplace with multiple virtual applications, like virtual land, yacht for sale, or conducting a virtual music festival. These virtual events have also attracted a huge institutional interest like the Government of Barbados which signed an agreement with Decentraland to open the world’s first digital embassy in January next year.
Considering the technicals indicators for Decentraland MANA,
- Bollinger bands indicate a huge bullish pattern as the asset is close to the resistance levels.
- RSI is trending within a notable uptrend and trending around 70 in the long term. However, in the short term, the RSI flipped the descending trend and rose again towards 70.
- The MANA price just bounced from the 200-day MA support levels in the past trading day and is ranging high towards the upper target.
- MACD showcases a bearish trend in the short-term as selling pressure is slowly mounting, whereas in the long-term a huge bull run is imminent.
Where to Buy Decentraland (MANA)
One can buy Decentraland on most of the major crypto exchanges. CoinDCX is among the notable exchanges which provide ease of trading with affordable transaction fees. You can easily buy LAND on the virtual world of decentraland with MANA tokens instantly by downloading the CoinDCX mobile app on your smartphone.
Collectively, Decentraland is on the verge to script a new era of the NFT’s or to be specific, the marketplace. The native asset experienced a huge adoption in a very short time. And hence with the upgrades of the platform, the project could be stronger, challenging the popular cryptos in the market.
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