Conversations about the metaverse and virtual reality were at an all-time high in 2021, even in the bitcoin field. This increased discussion was one of the reasons that tokens such as Decentraland [MANA] and The Sandbox [SAND] attained significant All-Time Highs (ATH).
However, the poor market conditions appear to have stalled efforts, as many of these tokens have fallen precipitously from their peaks. However, in new conditions, Bloomberg’s 23 January new report centred on Apple’s Virtual Reality (VR) products could provide a breath of fresh air.
The devices set to be released later this year have been widely anticipated, with MANA investors anticipating a favourable conclusion. But what about MANA?
The Decentraland project is centred on a virtual reality experience, and its currency is based on the Ethereum [ETH] network. MANA followed the rest of the market in 2023, gaining an astonishing 118.49% in the last 30 days. So, with the upcoming VR launch, can MANA once again exceed expectations?
The Exponential Moving Average (EMA) on the daily timescale indicated that the MANA could perhaps price higher in the long term. This occurred due to the 200 EMA (purple) crossing both the 20 (blue) and 50 (yellow) EMAs. The position showed that the MANA price movement could shift to being bullish based on crossings and divergences.
However, there is no guarantee that Apple’s impact will result in greens. At the same time, one cannot dismiss the influence, especially given the rise of AI-linked tokens such as Fetch.ai [FET] as a result of greater ChatGPT adoption. As a result, there is a chance that MANA will rise, as Apple expects to release a lower-cost version of the device later in 2024.
Meanwhile, Apple is not the only tech company working on VR products. Meta, lead by Mark Zuckerberg, has been on track for some time. However, there has been no noteworthy breakthrough from the company’s end from which the metaverse token could profit.
Furthermore, one of the reasons MANA had an increase in the last few weeks was owing to its volume. Several times over the timeframe, the token’s trading volume exceeded a billion dollars, according to Santiment.
However, as of press time, it had dropped to 230.37 million. The drop implied that investors were dealing through the Decentraland network. The 30-day Market Value to Realized Value (MVRV) ratio reflects this as well.
Because the MVRV ratio had dropped to 46.01%, it implied that holders had recently made less gains. However, the MVRV ratio state also indicated the possibility of an accumulation period with a diminishing motivation for selling pressure. As the metaverse technology market grows, tokens like MANA have a chance to benefit.
