Decentraland MANA/USD remains under pressure; the price of this cryptocurrency fell from $3.55 to $2.03 since February 09, 2022, and the current price stands around $2.13.

Decentraland is fully decentralized

Decentraland is an Ethereum-based blockchain platform that allows its users to buy, build and monetize virtual reality applications.

Using the simple Builder tool, users can also create games, artworks, scenes, challenges and create a profitable business within the Decentraland world.

It is important to mention that Decentraland offers the ability to buy virtual land, which is a non-fungible digital asset maintained in an Ethereum smart contract.

Land is divided into parcels that are identified by cartesian coordinates, and some parcels are further organized into themed communities or Districts. In this way, the community can create shared spaces with common interests and uses.

MANA is Decentraland’s cryptocurrency token which is used to pay for virtual plots and gives users full control over the environments and applications that they create.

Decentraland is fully decentralized, and a Marketplace is a place where users can trade and manage all their Decentraland on-chain assets.

The Marketplace allows you to buy or sell parcels, transfer your Decentraland assets to another user, and grant permissions to other users, allowing them to deploy on your LAND.

The popularity of this platform is rising, and even the world’s oldest auction house Sotheby’s, opened a virtual gallery in Decentraland. Michael Bouhanna, Specialist and Head of Sales at Sotheby’s said that he sees Decentraland as the next frontier for digital art where artists, collectors, and viewers alike can engage with one another from anywhere in the world.

Decentraland is constantly working on new features and upgrades, and according to the latest news, Decentraland will launch soon the Desktop Client, which should provide users with a more immersive experience. The team of Decentraland reported:

Desktop Client is still in the beta phase, but it has been getting progressively closer to a full launch thanks to the participation and feedback of the community. With the Desktop Client, your visit to Decentraland should be faster and more stable with better performance and graphics.

Technical analysis

Decentraland (MANA) extended its correction from the recent highs above $3.5, registered on February 09, and the price of this cryptocurrency can weaken even more in the upcoming days.

Data source: tradingview.com

The current support level stands at $2; $3 and $3.5 represent the strong resistance levels. If the price falls below $2, it would be a firm “sell” signal, and we have the open way to $1.5 or even below.

On the other side, if the price jumps above the $3 resistance, the next price target could be around $3.5.

Summary

Decentraland allows its users to buy, build and monetize virtual reality applications, and the popularity of this platform is rising. MANA is currently down more than 35% from the highest price level in 2022; still, Decentraland is a very promising project, and the price of MANA could advance again to levels that we saw in February 2022.

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