Even in the bitcoin industry, discussions regarding the metaverse and virtual reality reached an all-time high in 2021. This heightened conversation was one reason why tokens like as Decentraland [MANA] and The Sandbox [SAND] reached all-time highs (ATH).
Nonetheless, the weak market circumstances appear to have stymied attempts, as the prices of a number of these tokens have dropped sharply from their heights. Nevertheless, in light of changing circumstances, Bloomberg’s January 23 piece on Apple’s Virtual Reality (VR) devices may bring a breath of fresh air.
MANA on the rise
Investors in MANA are anticipating a favorable outcome as a result of the gadgets that are scheduled to be released later this year. However, what about MANA?
The money of the Decentraland project is based on the Ethereum [ETH] network. MANA mirrored the market’s performance in 2023, earning an astounding 118.49% in the preceding month. Consequently, can MANA once again exceed expectations with their upcoming VR release?
The Exponential Moving Average (EMA) on a daily basis indicated that the MANA’s price may increase over time. The 200 EMA (purple) crossed both the 20 and 50 EMAs (blue and yellow, respectively). According to crossovers and divergences, the position indicated that the MANA price movement may become positive.
Apple’s iWatch may boost MANA
However, there is no assurance that the influence of Apple will produce greens. Nonetheless, the influence cannot be ignored, especially considering the emergence of AI-linked tokens like Fetch.ai [FET] as a result of increased ChatGPT usage. As a result, there is a chance that MANA may increase, as Apple is anticipated to introduce a cheaper version of the device later in 2024.
Apple is not the only technology company developing VR goods. Mark Zuckerberg’s Meta has been on track for some time. However, there has been no significant firm advancement from which the metaverse token may benefit.
In addition, one of the reasons MANA’s price rose in the preceding weeks was because of its volume. According to Santiment, the token’s trading volume crossed a billion dollars many times over the period.
As of press time, the number had decreased to 230,37 million. The decline indicated that investors were transacting via the Decentraland network. This is also reflected in the Market Value to Realized Value (MVRV) ratio during the past 30 days.
Because the MVRV ratio has decreased to 46.01 percent, it indicated that shareholders have recently earned less profit. Nonetheless, the MVRV ratio condition also suggested the prospect of an accumulation phase accompanied by waning selling drive. Tokens such as MANA have the potential to gain as the metaverse technology business expands.
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