The heart of the Decentraland ecosystem is its native ERC20 token MANA. This token powers all activities on the platform and gives users access to resources such as LAND plots to build virtual worlds. MANA has proven to be a great investment for early adopters, with the token going up over 5000% in 2021. However, it is down 89% since then, trading at $0.54. The good news for MANA holders is that market analysts expect Decentraland’s in-house token to break out of this range and retest the $1.00 level ahead of Q3 2023.
At the time of writing, MANA was trading at $0.5488
MANA after making the recent high of $0.8427 witnessed a sharp correction and the prices plunged almost by 42% and dropped to $0.4828. Post this move the asset made a ‘Hammer’ candle and rallied to up to $0.700. However, the bulls could not maintain their grip on the asset as it made a ‘Hanging Man’ (Bearish candle) and witnessed a minor correction. Currently, MANA is trading in a range by forming a ‘Symmetrical Triangle’ pattern. Breakouts on either side of the triangle with good volumes will further decide the trend.
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