Decentraland price prediction: What is Decentraland (MANA)?

A metaverse is run by a token called Decentraland, which is built on the Ethereum (ETH) blockchain. Let us explain, just in case you don’t know what that means.  The idea of the metaverse is quite simple. The concept is that all people will engage with their own avatars in a virtual world at some time in the future. The early 1990s virtual reality boom was a major force in the development of the idea, which has been around for a long.

But there hasn’t been a singular internet presence that has brought people together. However, there are smaller virtual worlds where users can sign up, explore the environment, and communicate with other users. Metaverses are what these are.

A browser-based 3D virtual world platform is called Decentraland. By using the MANA cryptocurrency, which operates on the Ethereum blockchain, users can purchase virtual land parcels on the platform in the form of NFTs. For the avatars used in the virtual world, designers can make and sell clothing and accessories.

The charity Decentraland Foundation is in charge of it, and it first became accessible to the general public in February 2020. The platform’s initial coin offering (ICO) garnered $26 million in 2017, and by 2022, indy100 reported that it had a market capitalization of $1.2 billion. While DappRadar discovered that as few as 38 users transacted money in a single day, Decentraland asserted that 8,000 users would be using the network daily by 2022.

Prices:

Decentraland’s current price is $ 0.372921, and it has a market capitalization of $ 705.98 million, a 24-hour trading volume of $ 53.62 million, and a market dominance of 0.06%. The last 24 hours saw a -0.66% decline in the price of MANA.

The all-time high for Decentraland was reached on November 25, 2021, when it traded at a price of $5.85, and the all-time low for Decentraland was reached on October 13, 2017 when it traded at $0.007796. Since its ATH, the price dropped to $ 0.285641 (cycle low). Since the previous cycle low, the MANA price has risen to a cycle high of $0.838710. The current Fear & Greed Index reading is 52 (Neutral), while the Decentraland price forecast opinion is pessimistic.

Things began to change in August 2021 when NFTs and, consequently, metaverses, became a big issue in the cryptocurrency industry. MANA responded in kind, embarking on a bull run that reached a high of $1.08 on September 5 and 6.

Despite a comeback to levels over $1 in August, everything started to go apart once more. Decentraland had fewer than 40 daily active users, according to a report from the decentralized finance (DeFi) analytics company DappRadar published on October 7, 2022.

Analysis:

The Decentralized cryptocurrency’s launch price was roughly $0.025 in December 2017. Later, it rose and reached $0.24, but it was rejected and it returned to its prior support levels. The price of Decentraland didn’t actually experience any significant changes and traded within a narrow range till the beginning of 2021. The coin then passed through numerous additional equivalents with the intensity of a tidal wave.

In fact, a boom period, or the bull driving the MANA pursuit, began in December 2020 when the asset increased to the Decentraland price of roughly $0.5. The same trend persisted for MANA until April 2021, when the price of MANA soared to a new high of $1.56. 

Later, the MANA coins were marked to the end of October 2021, and then there was a significant increase that raised the price of Decentraland above $3.5. Following then, the currency’s trading behavior remained noticeably positive. Decentraland reached a new all-time high of $5.90 in November 2021. However, after reaching a new ATH, the MANA price had a large correction, which caused the price of Decentraland to drop from around $2 to where it is now, which is $0.4697.

The most recent information available indicates that Decentraland is currently trading at $0.38 and that MANA is currently rated No. 57 overall in the crypto ecosystem. 

Decentraland’s market capitalization is 1,893,095,371 MANA, with a circulation supply of $715,213,797.21. 

The cryptocurrency’s current value has increased by $0.0026 over the last 24 hours. MANA has been on a strong upward trend over the past week, rising by 1.68%. 

Recently, Decentraland has demonstrated a lot of potential, so now would be a good time to jump in and make an investment. The price of MANA has climbed by 6.7% over the past month, adding a massive average of $0.03 to its present worth. 

Prediction:

By August 8, 2023, the price of Decentraland is expected to increase by 12.02% and reach $ 0.416164, based on our current price estimate. Our technical indicators indicate that the present mood is bearish, while the Fear & Greed Index reading is 52 (Neutral). In the past 30 days, Decentraland has experienced 3.15% price volatility with 15/30 (50%) green days. Our Decentraland forecast indicates that this is a poor time to invest in Decentraland.

Price forecast for Decentraland in 2025

The current range for the Decentraland price estimate for 2025 is $ 0.362422 on the low end and $ 1.144081 on the high end. If MANA achieves the higher price objective, Decentraland might increase in value by 206.79% from its current price by 2025.

Price forecast for Decentraland in 2030

The current range for the Decentraland price estimate for 2030 is $ 0.115895 on the low end and $ 0.422515 on the high end. If Decentraland hits the higher price target by 2030, its value relative to the current price might increase by 13.30%.