Decentraland's token MANA has recently gained 10% of its price with the commencement of the Metaverse Fashion Week. On-Chain data also shows signs of potential bull rally as investors hold their tokens for a longer term. Currently, MANA is traded around $0.62 which is soon expected to break out of this resistance to $0.70. The Mean Coin Age of MANA is increasing consecutively since the last cliff-off in February 2021 and meanwhile the Network Value to Transaction Volume ratio is declining which is a good sign for investors.
Investors of Decentraland are hopeful for the future prospects of MANA as the NVT ratio suggests that the token is undervalued at current prices. If MANA manages to break out of its resistance at $0.62 its value can surge to as high as $0.70 with the help of 10,000 addresses holding 177,000 tokens. However, if the token takes a losing side, it may drop to $0.47 and therefore 23,000 addresses with 324,000 tokens will enable the token to rebound.
Overall, Decentraland seems to have a high trading volume which is steadily increasing since February 2021. Investors of Decentraland are showing faith in their tokens as the on-chain data suggests the future of the coin to be bright. Long-term investors are likely to remain optimistic about the token’s future price prospects and support the bulls for a successful rally.
Eva Perez
- 2023-04-07
MANA Gains With Investors Holding Tokens For A Longer Term
Decentraland's token MANA has recently gained 10% of its price with the commencement of the Metaverse Fashion Week. On-Chain data also shows signs of potential bull rally as investors hold their tokens for a longer term. Mean Coin Age of MANA is increasing consistently, meanwhile the Network Value to Transaction Volume ratio is declining which makes investors hopeful for the future.
