Yesterday Decentraland MANA token went on a brief excursion to the moon. At its peak, the price reached 2080 sats (approx $0.085) on Binance, seeing a 60%+ increase and hitting prices not seen since July 2018.
At the time of writing, the price of MANA has cooled off, but continues to hold in the 1400 sats range, which is still around +18% higher than 2 days prior.
In this article we take a quick look at some of the reasons and speculative factors which might have triggered this.
Trend Analysis Tip Off
A steady accumulation was spotted as early as 8 days prior to the pump by some sharp traders on social media. Using some smart TA, they spotted a steady accumulation of MANA, along with multiple tests to break resistance.
The announcement by UpBit, one of the largest crypto exchanges in South Korea, that the MANA/KRW pairing was now available on their platform was just the catalyst MANA needed to push through the resistance and shoot to new highs for 2019.
The current Builder tool competition has helped increase awareness of Decentraland throughout the crypto world and social media. Whilst many crypto projects have stalled and are still struggling to make significant progress, Decentraland and MANA continue to battle the bears and show very real, tangible progression in the lead up to the planned launch coming soon.
This is just the start of what will be an exciting few months ahead. Decentraland is due to launch the Metaverse any time in Q2 2019….which means anytime from this Monday onwards. Leading upto official launch day, we expect to see the Decentraland marketing team to produce a fanfare and buzz throughout various related communities such as crypto, virtual reality, developers and NFT’s to name a few.
So far they have been very effective and professional in the lead up to other big events, such as the recent second LAND auction, but as we fastly approach the Metaverse launch day they will really need to be on their ‘A’ game to ensure a successful launch of Decentraland. Failure to entice users to try out the platform (and have an enjoyable experience) at this early stage would likely be a warning sign for Decentraland MANA token HODLers, at least in the short term.