Can Decentraland’s [MANA] brand collaborations trigger dying uptrend
Decentraland, although is better known for its metaverse capabilities, is also a preferred investment from crypto token holders. But the last couple of weeks during which the market seemed to be marking rallies, MANA, despite rising by 21.11%, already pumped the brakes and activated its reverse gears. But the recent ecosystem developments might change things for good.
Decentraland x Samsung & Amazon
As the metaverse hype around the world continues to grow, one can expect more and more mainstream companies to adopt it and take advantage of the ensuing excitement. Both Samsung and Amazon did the same this week.
For the launch of the OnePlus’s new phone, Amazon India established a metaverse event on Decentraland, where the phone was set to be unboxed.
Although the interest in the metaverse is still growing in India, such strategies from a major marketplace would certainly further that.
Secondly, after launching its virtual world 837X in Decentraland this January, Samsung held an event a few days ago, showcasing its upcoming home entertainment innovation lineup and enabling visitors to design their own NFT art.
But while the bullishness hit the market for a short while, it disappeared soon after, and MANA is back to trade at $2.67, stuck within the four months long consolidation zone between $3.51 and $2.41.
Making things further worse for the altcoin is the active downtrend that took charge of the MANA market four days ago. But it may not pick up the pace since the broader market cues are quick to influence a trend change.
This is why, since February, not once has the Average Directional Index (ADX) crossed the 25.0 threshold to give strength to the active trend.
Should the coin be able to test the upper limit of this zone, it could bring about some much-needed bullishness towards Decentraland since even its metaverse front has been disappointing.
Month on month, the overall sales per month are dropping. After peaking at $19.3 million in January, the figures slipped, and last month, all LAND sales combined were worth just $7.1 million.
But despite good enough sales, the monthly volume was low because the average price of each LAND plunged to just $7.1k, the lowest in 9 months. Thus, this month the volumes could shoot back up since, at the moment, the average price of a plot in the virtual world is almost $11k.
This is a good indication as higher prices show higher demand which will support a steady price rise for Decentraland.