Decentraland (MANA) Reviews for May 2024

Decentraland (MANA) has failed to break above the 20-day EMA ($1.06) for the past several days but a minor positive is that the bulls have not given up much ground. This suggests that the bulls are buying on dips as they anticipate a move higher. If bulls propel the price above the 20-day EMA, it will suggest that the bears are losing their grip. The MANA/USDT pair could then rise to the overhead resistance at $1.36. This is an important level to keep an eye on because a break and close above it could signal that a bottom may be in place. The pair could then rally to $1.68. Conversely, if the price turns down and breaks below $0.90, it will suggest that the bears are in no mood to surrender their advantage. The pair could then retest the crucial support at $0.60. The bears will have to pull the price below this support to indicate the resumption of the downtrend. The four-hour chart shows that the pair has been trading inside a tight range between $0.94 and $1.04. The gradually downsloping 20-EMA and the RSI in the negative territory suggest a slight advantage to sellers. If bears pull the price below $0.94, the pair could drop to $0.90. On the contrary, if bulls push the price above $1.04, it will suggest that demand exceeds supply. That could open the doors for a possible rally to the stiff overhead resistance at $1.15. If the price turns down from this level, the pair may oscillate between $0.90 and $1.15 for some more time. A break and close above $1.15 could suggest that buyers have the upper hand.

Decentraland (MANA) broke above the 20-day EMA ($2.70) on Jan. 31 but turned down from the 50-day SMA ($2.93) on Feb. 1. The bears tried to pull the price back below the 20-day EMA but failed. This indicates that the 20-day EMA may have flipped into support. The up-move resumed and the bulls pushed the price above the 50-day SMA on Feb. 05. If bulls sustain the price above the 50-day SMA, the MANA/USDT pair could rise to the overhead resistance at $4. Conversely, if the price turns down and breaks below the moving averages, it will indicate that bears are selling aggressively at higher levels. In that case, the pair could retest the strong support at the 200-day SMA ($2.03). The 4-hour chart shows that both the 20-EMA and the 50-SMA are sloping up and the RSI is in the overbought zone. This indicates that bulls have the upper hand. Any dip from the current level is likely to find support at the moving averages. On the upside, the buyers may face stiff resistance at $3.40 and later at $4. This positive view will be invalidated if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $2.40.

Decentraland (MANA) broke above the 20-day EMA ($2.70) on Jan. 31 but turned down from the 50-day SMA ($2.93) on Feb. 1. The bears tried to pull the price back below the 20-day EMA but failed. This indicates that the 20-day EMA may have flipped into support. The up-move resumed and the bulls pushed the price above the 50-day SMA on Feb. 05. If bulls sustain the price above the 50-day SMA, the MANA/USDT pair could rise to the overhead resistance at $4. Conversely, if the price turns down and breaks below the moving averages, it will indicate that bears are selling aggressively at higher levels. In that case, the pair could retest the strong support at the 200-day SMA ($2.03). The 4-hour chart shows that both the 20-EMA and the 50-SMA are sloping up and the RSI is in the overbought zone. This indicates that bulls have the upper hand. Any dip from the current level is likely to find support at the moving averages. On the upside, the buyers may face stiff resistance at $3.40 and later at $4. This positive view will be invalidated if the price turns down from the current level and breaks below the moving averages. The pair could then drop to $2.40.

I reckon that MANA won't be pushing upwards anymore this year as it did since mid-December, after dipping to $0.024. It all points to the fact that Decentraland has found support at $0.028, and will keep consolidating for quite a while. 2019 wasn't very good for this coin as it had negative gains of -50% to date, but I believe that next year will bring improvement.

The price of MANA has been steadily declining over the last couple of months, and I strongly suspect that it will continue its trip south in the near future. Fundamentally, this coin appears to have little value for the real world as it stems from a virtual reality platform where people trade some pieces of digital land or whatever. It appears to be a token created for those Warcraft geeks, but definitely not for a serious investor.

I’m still super impressed by what MANA does. Digital land ownership. Just how the internet created a demand for digital sites, blockchain will create the demand for digital land ownership. Everything in the world is becoming digitized, and it’s staring at us in the face. The way we pay for things, interact with things, and view things; are all digitized. Our interactions with friends and family are normally through our smart phones, and we have increasingly begun to phase out store front buildings for online options. It’s very obvious that we’re heading in the direction of digital landscape ownership, especially as VR and digital augmentation becomes more popular.

MANA is the future of land ownership. As humans continue to flood the useable land in the physical world, digital ownership will explode. The same thing will happen as with our current real estate system. Soon, there will be real estate on the blockchain for a digital world. This world isn't useless, it will still hold its place for holding businesses and stores. The use case is very futuristic but the future is coming soon!

Decentraland is a platform where you can develop the ideas of game projects, at least the same cryptokitties. As an example, the option of combining cryptokitties and Pokemon - Etheremon, they are already engaged in integration with Decentraland. And this is just the beginning.