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MANA in short is an ERC-20 token which lets its users buy/trade LAND and also pay for good & services found in the virtual world. This token may be used to buy avatars, estates, wearables and also special names via the platform referred to as the Decentraland Marketplace. As time advances, this platform serves to put into place interactive applications, payments in-world and also peer-to-peer communication for users.
It should be noted that there are two different types of tokens that govern the operations found in Decentraland.
LAND
This is a non-fungible token (NFT) that is used to set the ownership of land packages that represents digital real estates.
MANA
Which is a cryptocurrency that aids the buying of LAND, and also the purchase of virtual goods and services that are used in the Decentraland.
Insight to Decentraland (MANA)
Decentraland is basically a software that runs on Ethereum and implores itself to incentivize a worldwide network of users in order to operate a common shared virtual world.
It is built to track-run packages of real estates by use of LAND tokens using as previously said, the Ethereum blockchain for tracking of ownerships of digital lands. In doing so, the requirement of MANA by its users is imperative in order to partake within its ecosystem.
In 2015, Esteban Ordano and Ariel Meilich founded the Decentraland Foundation which is the organization that is behind the development of the software Decentraland. In 2017, the team held an Initial Coin Offering (ICO) and raised over 86,206 ether ($26M at the time) for the funding of its future operations. As of this writing the CEO of Decentraland is James Ashton as reported from findings on google.
Below are some of the reasons why I think MANA have value which gives me the bullish perspective of the token;
- It has a very important part in the Decentraland’s virtual world and may be used in transactions within this ecosystem and participating in the software’s management.
- Owing MANA gives users the opportunity of interacting with this platform by interacting with other users, exploring its built metaverse, and even customizing their avatars.
- In situations where LAND is auctioned, MANA tokens that were used to buy the package are removed from circulation (burned), thus causing its supply to reduce. This reduction in supply leads to an increase demand with growth of users thus exerting pressure on its value.
Exchanges
Below are a list of exchanges where the MANA token can be transacted with ease and limited stress. Binance, Huobi, Coinbase Exchange, etc. This is supported by a screenshot.
The combination that I used here was the Median Indicator and MACD indicator as well. I waited for a bearish crossover of the signals in the MACD indicator and also the overlap from the green band and the purple band. Levels of supports and resistances were also taken into consideration using two timeframes; the 5 min timeframe and the 1hr timeframe.
The Trade execution was done using my verified binance account with results shown as such;
As advised, I set up a stop loss and take profit at the moment I entered in order to maintain a proper management of my funds. As shown, I entered at a market price of $2.66 setting a stop loss and take profit at $2.67 and $2.65 respectively in the ratio of 1:1.
My stop loss was hit even though it was an eventual downtrend as shown below;
I plan on holding the MANA token as a mighty potential has been shown above.
It has a price of $2.71 at the time of writing and an ATH of $5.5 so I anticipate that in the next bull run, if it doesn’t surpass this ATM, it can atleast attain it at which point I may decide to sell the coin if need be.
The MANA token is currently the 32nd on the charts as seen above. The signup process into the exchanges listed above usually requires identification by submitting your address, or driver’s license picture and social security number. Concerning its safety, the Decentraland has a good reputation in terms of security because it uses the Ethereum blockchain. Due to the fact that transactions are recorded on-chain, they are verifiable and also trackable. These transactions are of stored in a decentralized ledger that makes them very difficult for hacking.
However, because of the fact that it is an ERC20 token that is built on Ethereum’s network, it means its security is subject to that of Ethereum as well.
MANA is one of the top cryptocurrencies in the terms of market capitalization. As of the previous year, it was one of the best performing tokens which brought returns of up to 5300%. Fuel has been added to its growth by luxurious and well established brands like Louis Vuitton, Gucci, Burberry by entering its metaverse through NFTs. This goes beyond reasonable doubt that these entities have seem some great potential in this token. So my recommendation for people to buy it does not only come from my personal assessment but confirmations from top institutions investing in it as well.
The information put above is in no way headed as financial but my individual perspective into the MANA token of the Decentraland platform. Using a combination of support and resistance in correlation with the Median and MACD indicators, I was able to place an entry.