Decentraland is a virtual world where you purchase plots of land that you later build, structure, or monetize. It is the Ethereum based digital platform that is completely owned by the users.
MANA is an ERC-20 token of this network. You can use it to purchase LAND and pay for the in-world services. It works in a very simple way. When you buy LAND, the platform burns the MANA to complete the purchase. Currently, the cheapest plot of LAND is 11,750 MANA, while some LAND has price tags in the millions. It is a kind of business in a virtual world where a proper investment will provide a nice profit.
LAND is a space or a non-fungible digital asset that you purchase in the game. When you purchase land, you can create games, gambling services, and applications with it. It also includes education and professional-based services.
Each plot land is 33 feet by 33 feet, but there is no limitation in height. Similar looking Lands are known as districts. If you are interested in purchasing LAND, you should visit the marketplace.
How does it influence the MANA price? Let’s analyze the price chart of Decentraland (MANA).
At the time of writing this analysis, the price of the MANA token is around $2.66. After a sudden rise in October, the coin is consolidated, and it has been maintaining the support level at around $2.34.
Besides that, both the RSI and MACD indicate bullishness on the daily chart. The candlesticks are forming in the lower half of the Bollinger Band, which also reflects bullishness.
On the weekly chart, the Decentraland price is bullish. RSI and Bollinger Band is strong, but the MACD is still bearish. It means you should wait for a couple of more weeks before investing in this token. There is a strong support level of around $2.10.
Like property, long-term holding of LAND or MANA will give you a similar return. However, if the price falls further, then you should consider the fundamentals and related news. To know a detailed outlook of the MANA token’s future, visit here.
Should you invest in this token? Based on the above technical analysis, we think it is an ideal time to invest some amount in MANA for the long term. There are many decentralized gaming platforms, but the concept of this game is unique, with the potential of earning a good amount after selling or building projects on the LAND.