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Price Analysis

This Is Why Decentraland (MANA) Could Pump to $5!

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Samsung Electronics America has defined the extent of its metaverse goals by launching the Samsung 837x store on Decentraland, a virtual reality platform powered by the Ethereum blockchain that allows users to create, enjoy, and sell content and apps.

The Samsung 837x store is modeled after the tech giant’s physical Samsung 837 flagship location in New York City. It aims to provide visitors with a one-of-a-kind metaverse experience and experiential playground where people can discover the amazing possibilities that exist when technology and culture collide.

Decentraland, with a market valuation of $5.9 billion, was one of the largest and most popular metaverse tokens in the crypto industry. In recent days, the price has failed to break over the $3.4 barrier on the charts. Post Samsung collab, the community of this Metaverse hopes for the growth of Decentraland towards $5.

Key Takeaways (MANAUSD)

  • “The Metaverse empowers us to transcend physical and spatial limits to create unique virtual experiences that could not happen otherwise. Innovation is in our DNA, and we can’t wait for you all to experience this burgeoning virtual world,” said Samsung Electronics America.
  • The second metaverse experience is the Sustainability Forest, which will include Samsung’s projected proposal to plant 2 million trees in Madagascar using veritree’s blockchain technology. The Sustainability Forest is a breathtaking doorway through which visitors may wander among millions of trees – and possibly have a legendary encounter.
  • The last stage is the Customization Stage, which includes a predetermined metaverse mixed party to commemorate the arrival of the Samsung 837x on Decentraland. A live dance party with DJ Gamma Vibes will take place at the Samsung 837x physical site in New York. Holders of the 837x NFT badges, according to Samsung, “shall be entered into a lottery to win one of three limited-supply wearable sets ranging from Epic to Mythic levels for their Decentraland avatar to the sport.”

Price Analysis of MANAUSD

Fear & Greed Index: 18, Fear

All-time High: $5.90

ROI: 12282.6%

7d change: 4.91%

Market Cap: $5,818,478,514

Circulation Supply: 1,824,534,235 MANA

Total Supply: 2,193,899,227 MANA

Daily Chart Breakdown of MANAUSD

MANAUSD Price Analysis

Source: TradingView

The MANA’s price failed to breach $3.5 yesterday, but the bullish momentum on the daily timeframe looks strong. We might see MANA’s price going upward amid the Samsung 837x store celebrations. If the BTC price starts recovering, the most popular altcoins could surge. MANA is definitely among them, so we can see it pumping to $5 if the whole market finds a temporary bottom, at least.

4h Chart Breakdown of MANAUSD

MANAUSD Price Analysis

Source: TradingView

On a 4h timeframe, the price has failed to go beyond $3.5, and the market has been rejected from the falling trendline three times.

1 Hour Chart Breakdown of MANAUSD

MANAUSD Price Analysis

Source: TradingView

The market has flipped $3.14 as support and is building bullish momentum. However, a break below $3.14 will push the market towards $2.78.

Final Thoughts

Quests leading to 837X non-fungible token badges and limited-supply wearables will also be available in Samsung’s virtual Decentraland shop. The store will only be available for a short period of time, but the firm “plans to provide additional such experiences throughout the year.” This collaboration can be a growth factor for MANA in 2022.

 

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

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