Decentraland has gained 3% in the last one day.
The native MANA token remains dominant in the metaverse space.
The coin is experiencing low buying pressure with the RSI at 38.
Decentraland MANA/USD is showing signs of a quick recovery. The coin is up 3.2% over the past 24 hours, but is down 0.49% over the past week. MANA isn’t the only token making a comeback in the metaverse space. The sandbox has pumped 3.66% during this period.
Despite the positive gains, Decentraland is a shadow of itself. The coin is down a significant margin since last year’s ATH of $5. At the time of writing, the MANA was exchanging for $0.76. Nevertheless, Decentraland remains an important crypto project. It supports emerging crypto sectors such as DeFi, DEX and NFT.
Decentraland is a protocol for the metaverse and crypto games. On the platform, users can interact, play games, purchase items or participate in virtual events. Its native MANA token is based on Ethereum’s ERC-20 standard.
Looking to the future, the discussion around the metaverse may be gathering momentum. The popular function where individuals can buy LAND tokens is gaining traction among corporations. Virtual assets represent unique pieces of virtual land that are bought and sold on the open market. Despite the positive forecast, MANA has some hurdles to overcome in its technical outlook.
MANA trades around key support amid weak momentum
As per the daily chart above, MANA is trading near the $0.76 support level. From the charts, the bears still have major control over the Metaverse coin. At the RSI of 38, the coin is not showing buying pressure and it could resume lower levels. Moreover, MANA is trading below the 20-day and 50-day moving averages, offering resistance from above.
The current price bounce in the MANA suggests that the bulls are buying dips. However, the momentum remains low, and the upside potential is low. The current level does not present a perfect entry point as MANA is unlikely to sustain the uptrend. There may be some consolidation around the moving average.