The Metaverse token has rallied 17% in a week and crossed $0.32, while the community is considering some changes to the governance system.
Decentraland’s token MANA Price has continued its rally since the end of September and rose 11% on Thursday, taking the price to $0.32.
A total gain of 17% has been recorded since September 25th, and trading volume has increased 102% to $33.8 million. Discussion of the project on social media has also doubled, indicating that investor and community interest is returning.
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Technical Market Momentum – MANA Price
MANA’s price has reached a crucial point. Currently at $0.32, its 200-day moving average is acting as a barrier. If the price moves above this level, there could be a chance for further upside in the coming weeks, especially after such a period of weakness.
Signals are also slightly positive. The RSI is currently in the mid-50s, meaning the price has room for further upside and is not yet overbought.
But remember, MANA is still down more than 30% this year. If $0.32 fails to hold, the price may fall back to its old range.
DAO: Cost-Cutting Governance Reform
With Charts gone, the Decentraland community is facing an important governance decision. The Decentraland DAO is currently voting on whether to abolish the DAO Committee and assign its functions to a new 3-of-5 multisig wallet.
This wallet will require multiple approvals for each action. Signers will be from different groups, such as the DAO Council, Security Advisory Board, Decentraland Foundation, and a security or community representative.
This proposal came after the DAO’s grants program was suspended. Afterward, the committee didn’t have much work, but was still spending $7,200 a month. Supporters say that eliminating the committee will save money and protect security.
As of October 2, 63% of people supported this change, while 37% opposed it. Voting will close on October 10.
Crypto Rebound Adds Fuel – MANA Price
MANA’s rally is coinciding with a small rebound in the crypto market. The total cryptocurrency market cap rose more than 3% to $3.99 trillion on Thursday morning.
The Fear & Greed Index is currently neutral at 42, and the Altcoin Season Index is 59, below peak excitement for 100 months. The average crypto RSI is at 56.6, indicating a neutral but slightly positive trend.
Why this Matters – MANA Price
All eyes are now on the $0.32 level for Decentraland MANA. If the price makes a strong weekly close above this line, it would be a significant technical change and could potentially trigger a new bullish rally.
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People Also Ask:
What is Decentraland?
Decentraland is a virtual world that runs on the blockchain. Here, users can buy, sell, and create their own virtual land, items, and experiences. It operates on the Ethereum blockchain.
What is MANA?
MANA is Decentraland’s own cryptocurrency. It can be used to purchase virtual land, items, and services, and it can also be traded on crypto exchanges.
How does MANA price affect Decentraland?
The price of MANA shows how interested people are in the platform and how much activity is taking place. If the price is rising, it means more people are using Decentraland.
How does the DAO vote impact MANA holders?
The DAO will decide by vote whether to abolish the DAO Committee and assign its functions to a multisig wallet. This will reduce unnecessary expenses and strengthen security, which could be beneficial for MANA holders in the long term.
Is MANA only used for gaming?
No. Decentraland isn’t just for gaming or the metaverse. MANA is also used in governance, virtual real estate, and buying and selling NFTs.
