Tuesday, August 9

Decentraland token (MANA) explodes, after Facebook announced its entry into the metaverse

Almost the entire segment of tokens related to the Metaverse jumped higher yesterday, thanks to the announcement of Facebook’s name change to Meta. The Decentraland token was one of the ones that benefited the most from this, jumping more than 200% in a matter of 3 days.

At the time of this writing the MANA token is trading at $ 4, accumulating a gain of 186% in the last 24 hours. Its market capitalization reached $ 6.883 million, to rank 27th in the Crypto Online ranking.

The Axie Infinity game token also benefited from this speculative tide. Its price is now $ 151.71, accumulating a gain of 15.47% between yesterday and today.

Mark Zuckerberg assured that now the Metaverse will be first and not Facebook. The positivism that this generates in the market for tokens related to virtual reality and NTFs, it is quite possible that it will continue to drive prices higher in the coming months, as Facebook would be taking these projects to the mainstream.

About Decentraland

We can consider it as the most complete Metaverse today. Decentraland is a virtual world that has its own economy managed with the MANA token. On the platform, users can hold social events in which anyone with Internet access can enter.

This platform is powered by the Ethereum blockchain, using smart contract technology.

Within the application, users can buy parcels of land in which they can later navigate, build or monetize.

It was launched in 2017 through an ICO offering, which managed to raise $ 24 million for its financing. The beta version was released in 2019 and was finally open to the public in February 2020.

Decentraland token technical analysis

From the weekly MANA vs USDT chart we see strong momentum developing, capable of marking a new all-time high.

No resistance was an obstacle to the great positivism that Facebook’s foray into the Metaverse generated.

Although we can think that the momentum could not be predicted, the reality is that the price of this metaverse token had already been announcing the possibility that important gains were manufactured.

MANA had been manufacturing higher and higher lows and highs, after making a big correction alongside the entire crypto market.

What the Facebook ad did was increase volatility drastically. The long-term trend could look for further highs as the development of the Metaverse continues.

Decentraland (MANA) token weekly chart.  Source: TradingView.
Decentraland (MANA) token weekly chart. Source: TradingView.

A correction may be on the way

The bullish force that we have seen between yesterday and today is incredible. There was no resistance to the determination of the buyers.

Now the Decentraland token is developing a mega boost, which is more than clear it is very widespread.

Due to the long trajectory of the momentum, it is very likely that a correction, no matter how small, is about to occur.

However, the price still does not show exhaustion, so there are not many signs to think that the pullback is going to start in the next few hours.

Either way, a drop would simply be to pick up demand from those who take advantage of discount prices to jump on the train.

Daily chart of the MANA token, one of the most relevant in the metaverse.  Source: TradingView.
Daily chart of the MANA token, one of the most relevant in the Metaverse. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.