The crypto space has evolved from mere crypto trading to other initiatives that generate revenues. One of these initiatives is virtual land and properties. Decentraland has positioned itself in a position where it has become renowned for developing virtual land that investors can buy and sell later when values appreciate.
Decentraland is trading at $0.861 at the time of writing after a 9.6% decline in 24 hours.
Decentraland Price Analysis
MANA is currently experiencing mild volatility. The current market dips are being attributed to an ongoing pullback from the broader market. After BTC made a massive uptrend to $50K, it failed to maintain the high levels, but it has now retreated to around $47K. This dip has caused a decline across the broader market.
If the ongoing dips continue, MANA will head towards new lows of $0.85. If bears grow stronger, a retreat towards $0.78 is also possible. If further retreats are experienced while market bears are still strong, we could see the coin going higher if investors purchase during the dip.
If there is an uptrend at this point, we could also see the coin headed towards the next resistance at $0.88. If buyers rally up support at this point, MANA could surge towards$0.95. A rally towards $1 is also possible if market support resumes and holds for a while.
Decentraland has become a dominant blockchain in the metaverse. The platform has been used to develop virtual worlds that people are now investing in, with the positivity that it will shape the future of blockchain.
Decentraland experienced fame and MANA’s prices rose with the recent announcement that it will hold the world’s first virtual fight night. The live MMA event happened on August 21 and was broadcast to the MMA fans on the Decentraland virtual world. If the platform gains more endorsement from fans and institutions that want to invest in the virtual world, MANA is poised to benefit.
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