Besides demolishing the rally seen in March, April was accountable for bottoming price of most crypto tokens. Decentraland (MANA) also succumbed to broad market bearishness, forming a new low within the past couple of days.
MANA Immersed?
The metaverse crypto toyed around the oversold territory multiple times last year. But the narrative was different 72 hours ago as MANA declined deep into the area, exploring the lowest mark seen since June last year. That showed that the alt has a higher probability of maintaining recoveries.
Though the squeeze release, accountable for the month-long decline, remained active, the Relative Strength Index revived from the oversold territory reflected improving sentiment. Also, the Parabolic SAR near the candlesticks shows they are about to flip into upside trends.
Though that might not ensure relief to MANA investors, it can trigger recovery sense to the fading profits. The average balance on every account hovers at $15K, plummeting from November 2021 highs of $75K to explore the lowest market since the metric’s inception. That was enough to dampen retail participants as it had done with tokens whales. ‘
Despite holding the largest supply of MANA, approximately 53.03% (1.31bn MANA), the whales only completed transfers worth between $7 and $10 million per day.
Nevertheless, Decentraland remains dedicated to dominating the metaverse industry by removing any potential threat to the ecosystem. Remember, the platform had shown susceptibility to attacks. For example, security reserved noted a crucial vulnerability by the LAND ‘smart’ contracts on March 12. Exploitation could have allowed the attacker to transact LAND without the owners’ consent.
Decentraland fixed the vulnerability in two hours, showing its dedication to keeping investors safe. Though metaverse sales may not be at expected levels, steady efforts by the team might mend the situation.
For now, MANA enjoys an improved mood in the overall crypto market space. The alt surged 4.61% within the past 24 hours to $1.61. Most assets within the marketplace noted uptrends on Wednesday. For instance, Bitcoin gained around 5% to hit $40,000 before a brief retracement to $39,607 at this publication. Keeping the bullish stance can support MANA’s bullishness in the coming sessions.
