Falling since November 25, 2021, after an all-time high of $5.90, Decentraland (MANA) has suffered a loss of 64%. It is likely to be trading inside a descending wedge, which is a bullish pattern. Over the past week, MANA was closely following bitcoin’s price action.
When BTC started to plunge, so did MANA. It broke a low level of resistance at $2.14. In the past 24-hours, MANA has been trading within a pocket of liquidity. At the time of writing this article, it was trading at $2.24, up by 1.09%. The next couple of hours is crucial as the price can either go up or down again. It is following a bullish trend.
The Decentraland is a decentralized virtual reality platform built on the Ethereum blockchain. The developers say that it stands out from other virtual worlds and social networks as it is not controlled by a centralized organization or body. No agent has the authority to modify the rules of this platform or prevent others from accessing it.
Ariel Meilich and Esteban Ordano co-founded the platform in 2015 and launched it in 2017 with a $24 million initial coin offering (ICO) before opening up to public users in February 2020. The Decentraland is powered by MANA, an ERC-20 token. With this, users can buy and sell, goods and services on digital land. They can also purchase the limited land and develop the assets into real estate. But for that, they need to have sufficient MANA tokens.
Furthermore, users can also create digital collectibles, advertisements, and interactive games.