Decentraland (MANA) continues to see bearish price action as investors stay away from the crypto market for another week, making the Metaverse-related digital asset less attractive for now. However, the fundamentals suggest that it may be a good time for investors to buy the dip. Let’s look at the reasons for this.
At the time of writing, MANA / USD is trading at around $ 3.26, up over 4% over the past 24 hours. One of the reasons Decentraland continues to be stuck in bear territory despite several altcoins posting gains in the past week is because investors lack confidence in their potential – it’s a much riskier crypto asset to invest in, especially when compared to those who have done this use cases in DeFi– and enterprise applications.
This is what awaits you in this article
Decentraland unveils partnership with Under Armor, Stephen Curry
However, Decentraland could find support in the news of a recent partnership with top basketball player Stephen Curry. The announcement came via Meta coin’s official Twitter handle last week, noting that more information is scheduled to be released today. The partnership with Under Armor, Under Armor Basketball and Curry could stimulate some activities in its metaverse and support the MANA token in the short term.
Last week, Decentraland successfully started a partnership with NFT FOCA – the world’s first physical and digital NFT marketplace, which recently had a resounding success during Miami Art Week, streaming its sales of digital artwork at SLS Hotels in Miami via Decentraland. In the future, as part of the partnership, NFT FOCA will set up a permanent virtual art gallery for premium NFTs in the metaverse within the Decentraland ecosystem.
Will the metaverse take off?
The latest large company to have a presence is Mediahub, a division of Interpublic that has an office in Decentraland has set up. Designed as a global hangout with creative marketing inspiration, it includes a virtual art gallery that will showcase emerging artists and will even host job fairs for professionals who want to work in the media industry.
Late Sunday, popular crypto influencer Elon Musk tweeted that he viewed the metaverse as a marketing buzzword. He played down the hype surrounding Web3, even though several experts believe the Metaverse is the next big digital revolution.
MANA / USD technical analysis
Technical analysis of the MANA / USD H4 price chart shows a mixed picture, with the smaller moving averages and momentum indicator suggesting bullish interest. On the other hand, the 50 EMA, 100 EMA, 200 EMA along with the MACD indicate some interest among sellers.
Decentraland is trading below the pivot point at $ 3.29 but a convenient distance from the immediate support at $ 2.88. Let’s watch the price action closely as buyers may have a chance to try MANA’s pivot point in the near future.
Source: Crypto News Deutsch