The newly launched report from Decentraland Wire features analysis of the token’s performance historically and during January 2022. The outlook is described as bearish, which reflects crypto trends right now, including Bitcoin. However, the report states this may change. —
Read the report in full at https://decentralandwire.com/decentraland-holds-support-but-mana-may-return-to-2-fxstreet
Decentraland is positioned as a virtual reality platform that is owned by its users and embraces a Decentralized Finance (DeFi) approach. It provides a space for users to create their own digital assets, explore, and trade. As this kind of platform is becoming more in demand, the new report states positive sentiment could change the bearish MANA outlook.
In addition, the report highlights the fact that Decentraland has both long-term and short-term opportunities. Increasing the likelihood of profitable trades will increase the appeal of the MANA token and has the potential to turn the market bullish. Many Bitcoin observers note that crypto is going through a bottoming period and stagnation. Previously, this has signaled a rise is coming, but not immediately.
However, the long trade might offer a profit reward of 57%. The new report states this could only happen if the reward versus risk ratio was 3.33:1. The success of either the long or short proposition depends on the price MANA can reach. Coinbase data shows the coin is the 23rd most popular on the platform.
Decentraland operates on an Ethereum blockchain and is considered to be a Decentralized Autonomous Organization (DAO). Through its secure DeFi platform, it enables users to create their own digital assets. This ranges from digital goods to virtual land and estates. The digital eco-system enables individuals to develop their own world in the metaverse.
A company spokesperson said: “There is a strong but increasingly unlikely short setup for Decentraland price based on an anticipated triple-bottom breakout. The short idea is a 3:1 reward/risk with a little over a 40% gain projected from entry.”
“A three-box trailing stop may be too large for this trade setup, so a two-box would be most appropriate,” they added.
Interested parties are encouraged to visit this link https://decentralandwire.com/decentraland-holds-support-but-mana-may-return-to-2-fxstreet to read the report.
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Release ID: 89062288