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Decentraland (MANA) may make a comeback, thanks to low correlation with Bitcoin

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This year saw a monumental rise in digital asset investment products with record inflows of around $9 billion YTD. Interest was also pretty evident in the upcoming Metaverse space, wherein Crunchbase’s list of companies has already raised over $96 million this year.

In fact, despite the larger market weakening, there were still some coins that stood out, one of them was the Metaverse token- Decentraland (MANA). 

MANA was one of the only two tokens in the top 30 coins by market cap that noted double-digit gains, alongside Elrond. So, with Bitcoin oscillating under the $57K mark, can the same pave the way for MANA’s rise?

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Price action about to get interesting 

The last month changed the game for MANA, as the asset saw over 400% gains in the time frame, post the Metaverse mania. Even though the coin’s trajectory looked more or less independent, the alt’s rally did face hurdles after making an ATH of $4.94 in October end. MANA corrected by over 40% in the first week of November but managed to pull the price above the $4 level, a few days ago. 

Source: Trading View

Now, as the attainment of the $5 level seems to be quite possible, can MANA be the next alt to reach its ATH?

At the time of writing, MANA was trading at $4.12 noting 12.15% daily, and 41.71% weekly gains. Strikingly, MANA’s correlation to Bitcoin was near all-time low levels at the time of writing and noted -0.26. 

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Source: IntoTheBlock

The negative price correlation to BTC indeed panned out pretty well for the altcoin as it rallied with Bitcoin’s price falling. While MANA seemed to defy the larger market trend for the last week, it did see minor losses. 

Furthermore, a week ago, Barbados said that it will build the first digital embassy with the help of Decentraland, and news about the same managed to stir a positive sentiment for the coin, helping it rally against the tide. The flow of events in the Metaverse space, alongside such collaborations, further acted in support of the coin’s trajectory. 

What about the metrics?

The last few weeks have been really impressive for Decentraland’s Active User Growth. In fact, the platform is expected to hit ~300K MAUs by the end of November, which is indicative of relatively higher adoption and participation on the network. 

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Source: Fede Molina Twitter

However, amid the recent larger market sell-offs, MANA too wasn’t completely shielded and the same could be observed through its active deposits which had strikingly high values. Spikes in the metric generally indicate short-term sell pressure, so with MANA’s price rallying, the same could tempt participants to take profits causing short-term price correction. 

Source: Sanbase

The count however wasn’t near ATH levels which was a relief for the price too. Further, at the time of writing, with the alt’s MVRV far from overheated, it seemed like there was still scope for gains. 

Notably, on a 4-hour chart, MANA had been making higher highs and higher lows. If the alt continued the bullish momentum, a new ATH could be made soon enough. However, with the larger market being volatile its best to do your own research before making a move. 

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Are Metaverse Projects Decentraland (MANA) And The Sandbox (SAND) Inevitable?

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The metaverse industry is growing at an exponential rate than ever before. The foray of renowned players like Facebook, and the recent initiative by the makers of Shiba Inu. Are collectively nurturing the booming sector of virtual reality. Metaverse, although at the nascent stage, has been sprawling at an impeccable pace.

Wherefore, projects catering to the sector are exhibiting remarkable gains on the charts despite the market corrections. The digital assets have rebounded very well from the recent fall which cannot be overlooked. The Sandbox and Decentraland, have been receiving startling responses from consumers. The protocols have been strengthening the community while empowering the platform.

The Sandbox And Decentraland Bridging The World To The Future?

The embarkment of bigger firms into metaverse has been a major catalyst. Which has been fueling the propulsion of the existing projects in space. While critics foretold the events to fallout by contrast. However, the transaction volume of SAND has been on a constant rise. The transaction volume has risen up by 123.61% at over $6.8 B in the past 24-hours. 

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The Sandbox will be initiating the first public Alpha release today at 1 PM UTC. The last chance to be an Alpha pass holder ends at 10 AM UTC. Enthusiasts from The Sandbox community could expect an alliance of the firm with Adidas. As Adidas questions the views of its consumers, in response to The Sandbox asking Adidas for a collaboration.

Decentraland is also chugging ahead in the metaverse space. According to some sources, a yacht in Decentraland has been sold for $650,000. And a parcel of real estate is sold for 618,000 MANA, which tallies to $2.4 M. Decentraland’s metaverse circumscribes over 90,000 parcels of virtual land.

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The Sandbox (SAND) Price

 SAND price at press time is trading at $7.63 with profit-making gains of 25.8%. The market cap of the digital asset is hovering around $6,952,466,528. The digital coin has been trading along the frequency of price range from $6.06 to $7.87 since the previous day. The ATH of $8.40 was hit about 4-days ago, which can be reclaimed if the bulls manage to pull up the price above current levels. 

Decentraland (MANA) Price

MANA at the time of writing is trading at $5.08 with gains of 9.9%, while the market cap is floating around $6,747,167,894. The trade volumes for around the clock are at $2,663,596,559. The digital asset has been trading in the bandwidth from $4.52 to $5.18 for the past 24-hours. The ATH of $5.85 was claimed about 4-days ago. 

Collectively, the growth has been astonishing for the crypto industry. From the recent trends in the markets, we can expect projects like The Sandbox and Decentraland to evolve as flag bearers of the booming sector. With big players joining the industry, netizens have been anticipating a revolution to follow in the near future.

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Decentraland price under pressure by market turmoil, MANA points to steep correction

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  • Decentraland is on the back foot today after hitting $6.0 on Thursday.
  • MANA price tumbled as news about a new covid variant rattled global markets.
  • A break below $4.5 would see the price correct further towards $3.66, a 16% devaluation. 

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session, and pushed investors into risk-off mode. Expect to see reversals across the board in all cryptocurrencies, with MANA price seeing first support at $4.5, but possibly pushing lower as the day continues, towards $3.66.

Decentraland price can fall 16% after hitting new all-time highs 

Decentraland is on the backfoot in the slippage of its larger brother Ethereum and other major cryptocurrencies. Markets got rattled by breaking news during Asian hours about a new strain of Covid that could be worse than the ones already known to man for the moment. Global markets quickly tumbled across the board with investors pulling out their investments and causing a massive sell-off in several assets, except safe-havens. 

MANA price broke below the monthly R1 resistance level at $5.05 and traded towards the first support at $4.50. That level is just below the 38.7% Fibonacci retracement level at $4.60, both have yet to prove their support. As the US market still needs to open after its Thanksgiving holiday, expect a second wave of selling to come this afternoon and push MANA price further to the downside to break the 50% Fibonacci level at $4.12.

MANA/USD daily chart

MANA/USD daily chart

Expect that second wave to see some acceleration to the downside and face the double support at both the green ascending trend line and the 61.8% Fibonacci retracement level that intersects it at $3.66. This would be a very good entry-level to gear up for a long position, since at this point the move may have become exhausted. At the beginning of next week, dust will have settled and MANA price will have clawed back towards that historical level at $4.50 and flirting with the $4.60 level that coincides with the 38.2% Fibonacci level. A further fade of the headwind and investors looking for buying-opportunities could push MANA price even back towards $5.0 by the end of next week. 

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Decentraland (MANA) & The SandBox (SAND) Price Chasing Each Other To Hit $10!

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Decentraland & The SandBox carry on with their bullish trend that began almost a month before. Both the NFT’s had a monstrous rally of more than 600% and 1000% respectively which appears to be unstoppable currently. The MANA price & SAND price seem to be in a race against each other aiming at a double-digit target somewhere in the Q1 of 2022. 

Decentraland (MANA) Price May Hit $25

Decentraland emerged from a thin space and outperformed well-established NFT’s like Theta, Tezos, Enjin Coin, Chiliz, etc. MANA price after being calm for more than a couple of years got a major push during the bull run 2021. The price rose viciously to hit highs somewhere around $1.6.

The second bull run came out to be more aggressive and accumulated more than 600% gains within a month. Yet the rally is expected to continue with more strength in order to hit $10 very soon. However, the upcoming rally may also include a notable plunge again back to $3-$4 levels as per one of the analysts.

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Despite the correction, the analyst is still bullish on the asset and expects a huge flip to higher levels. Considering the 2020 lows as the support for the FIB levels, the current price is hovering around 4.9 levels. The analysts believe the asset may range high to the next FIB level at 28 which lies around $25 to $32. Therefore, Decentraland is pretty bullish considering a longer and higher time frame. 

The SandBox(SAND) Price Could Still Be A Good Buy!

The SandBox like MANA maintained a substantial upward trajectory since the beginning of 2021. However, the spike which hit the SAND price since the beginning of November was pretty unexpected. The asset’s bull run of more than 1000% caught everyone’s attention and hence the rally does not appear to face a pullback or correction until the end of the month. 

The SAND price is $8.19 after smashing the new ATH at $8.32 with a jump of nearly 20% in the early hours of trade. Despite surging constantly for a week, the asset may get a little exhausted and hover around $5.5-$6. However, the pullback may be short-lived which will be overcome by a gigantic leap beyond $10. 

Collectively, Decentraland & The SandBox are completely focusing on a huge upward trajectory, nullifying the possibilities of a pullback. However, the possibilities are still alive as the assets usually tend to exhaust after reaching some milestones. And hence despite minor corrections, MANA price & SAND price appear to be pre-programmed to smash a 2-digit figure soon. 

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