Decentraland (MANA) Price Fails to Drive Bullish Momentum!

Samsung Opens First Metaverse Store in Decentraland
  • Decentraland (MANA) has not been able to enjoy its recent highs.
  • The deal recorded the greatest virtual space worth ever.

On Wednesday, news broke of a $2.4 million sale of virtual real estate in Decentraland’s online realm. The deal recorded the greatest virtual space worth ever. While some conventional investors sneered at the announcement. Crypto enthusiasts argued it highlighted the value of non-fungible tokens (NFTs) and the metaverse.

Decentraland is a decentralized metaverse based on the Ethereum blockchain that enables users to explore, communicate, and exchange NFTs for virtual land and other commodities.

A Cascade of Negative News

Decentraland (MANA) has not been able to enjoy its recent highs over $6.0. Furthermore, during the Asian session, a cascade of negative news about a new Covid type hit the wires. Thus, sending investors into risk-off mode. Expect reversals in all cryptocurrencies, with MANA pricing finding initial support near $4.5 but perhaps falling to $3.66 level later in the day.

MANA/USDT: Source: TradingView

Decentraland is trailing behind Ethereum and other important cryptocurrencies. Investors withdrew their funds, producing a major sell-off in many assets, excluding safe-havens.

Prices fell below the monthly R1 barrier of $5.05, trading towards $4.50. Along with the 38.7% Fibonacci retracement level at $4.60, this level has failed to provide support. Because the US market is still closed for Thanksgiving, anticipate another wave of selling this afternoon to bring MANA below the 50% Fibonacci barrier at $4.12.

According to CoinMarketCap, the Decentraland price today is $4.75 USD with a 24-hour trading volume of $5,220,477,159 USD. Decentraland has been down 7.92% in the last 24 hours.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.