There was a point in time when Decentraland’s MANA token kept creating back-to-back new highs. In the period between the end of October to the end of November, the token’s price rallied by over 700%. However, the month of December saw the token mostly register losses.
Decentraland, nevertheless, welcomed the new year with quite a few notable developments. For instance, just a day back Samsung officially joined the metaverse by announcing its new partnership with Decentraland.
The announcement had quite a positive impact on MANA’s price. Post 5 January’s crash, MANA was one of the first tokens to recover and post green return numbers, thanks to the fresh positive sentiment instilled.
In effect, Decentraland kept sliding up on the ranking charts. It, in fact, occupied the 30th position at press time. On the other hand, if the metaverse token category is solely considered, MANA remains to be numero uno.
MANA’s wobbly short-term future
Despite the aforementioned feats achieved, the bearish bias albatross continues to hang around MANA’s neck. So, until the prevalent inclination persists, any gain witnessed from here on would be short-lived.
Despite the favorable price reaction over the past day, no prominent uptick was witnessed on the average HODLer balance chart. The reading of this metric has been hovering around the $40k mark of late when compared to the end of December’s 90k levels. Thus, it can be inferred that the MANA market is currently a buy-momentum deficit.
The rise in the number of exchange inflow transactions confirmed the sell-side inclination. Parallelly, with bears currently having an upper hand, the number of tokens sold had surpassed the number bought by over 2.28 million in just the last 12-hours. ITB’s trades per side metric confirmed the aforementioned assertion.
Well, the Samsung announcement did its magic and pulled up MANA’s price. But now, for the token to witness another leg up, it becomes crucial for the aforementioned metrics to get better, and that would happen only when buyers re-step into MANA’s land.