Since the market decline in 2022, Decentraland price has experienced a significant decline. At one time, it attracted 56,000 active users. However, its prominence has diminished as more individuals opt for well-established initiatives such as Ethereum and recent ventures offering significant profit potential.
Decentraland Iniated A Cross-Chain Upgrade
Decentraland has recently experienced a substantial marketplace upgrade to enhance accessibility. This improvement facilitates cross-blockchain transactions, facilitating the integration of Polygon and Ethereum to optimize gaming interactions. This transition was possible by collaborating with Squid, which redirects participants to Polygon or Ethereum if they choose not to utilize MANA.
Even though this enhancement might make Decentraland more accessible, the number of active users has decreased substantially. The recent data indicates a significant decrease in participants, which dropped from 55,000 in January 2023 to a possible minimum of 20,000.
This setback indicates that although the market may experience expansion, it appears highly unlikely for any DeFi giant to surmount Ethereum's dominance.
Decentraland (MANA) Basic
Decentraland functions on a blockchain-based infrastructure that integrates digital assets and virtual reality. The central focus of this initiative is non-fungible tokens (NFTs), more precisely, unique tokens referred to as LAND that symbolize discrete land parcels. A single individual owns every parcel and can host various virtual assets. The platform's administration is determined via a DAO, where token holders cast their votes.
MANA, the native token of the platform, grants holders a voice in governance deliberations and facilitates participation in platform-wide progress. An additional non-fungible token, LAND, denotes land ownership in the community and grants its possessors voting privileges comparable to MANA's.
MANAUSD Technical Analysis
In the daily chart of MANAUSD, the current market trend is bullish, where the dynamic 20-day EMA acts as immediate support. However, the latest weekly candle closed as an inside bar where the existing candle is still bullish.
The 14-day RSI rebounded from the 50.00 line in technical indicators, while the MACD Signal line formed a bearish crossover.
Based on this structure, the daily 20 EMA support could be confluence support to the 0.5061 level. In that case, any bullish rebound from this area could increase the price towards the 0.6000 psychological level.
On the bearish side, a stable market below the dynamic 20 EMA, with a range breakout, could be a short opportunity towards the 0.4200 area.