Zuck is in the muck these days. But there’s more to the metaverse than Facebook. And when it comes to buying into this new digital market right now, Decentraland (MANA-USD) and MANA coin are the places for investors to negotiate a steal of a real estate deal.
Source: shutterstock.com/Piotr Swat
Let me explain.
It has been ugly for Facebook, or rather, Meta Platforms (NASDAQ:FB) shareholders. In a battered and bruised stock market wrestling with a larger correction of around 10%, FB shares are down 35% year-to-date propelled by a post-earnings crash that wiped $230 billion from its valuation in a single session.
And nobody is feeling the heat more than the social media giant’s Mark Zuckerberg following the profit miss, rising costs, less friending and disappointing rudderless guidance on how and when Meta Platform will actually exploit Web 3.0’s digital universe.
Yet while Facebook’s resident data and stakeholders wrestle with those unknowns, there are other avenues into the metaverse that already offer big-time profits.
Decentraland Belongs on Your Radar
Today Decentraland and MANA-USD offer those kind of opportunities for investors.
In brief, Decentraland is a virtual reality platform powered by the Ethereum blockchain. And once inside this metaverse you can go nuts buying plots of land, developing them and reaping the rewards in MANA token.
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Users of this digital realm are doing just that in big ways too. For metaverse real estate developers and future hotshots in-the-making, a recent sale tied to reinventing fashion’s famed catwalk inside Decentraland fetched nearly $2.50 million.
Furthermore, next month Decentraland will host its first-ever Metaverse Fashion Week in an effort to show off the community, push creativity and make its mark as the place for shopping and a compelling experience for users.
All told, Decentraland is off to a good start building new and promising markets.
Also, while FB stock has hemorrhaged and remains glued near year-to-date lows, some recent MANA investors were in position to capture more than 100% just this past month off the digital asset’s bear market bottom.
What’s more, an even trendier-looking price chart points toward additional bullish profits for Decentraland’s MANA investors.
Decentraland’s Weekly Price Chart
Source: Charts by TradingView
In weeks past I’ve mused the metaverse isn’t entirely bound by the laws of the natural world. But technical patterns guiding what might rise or fall further, still work consistently enough in digital asset markets to allow for their consideration.
One popular classic with bullish investors that’s revealing itself in MANA token is a simple pullback formation. Now in its seventh session of digesting the token’s huge rally out of a bear market cycle, MANA-USD has just confirmed the pullback on the daily price chart with the pattern’s doji bottom high taken out.
With the formation finding support between the 38% and 50% Fibonacci retracement levels and the Decentraland token sporting an oversold stochastics on the cusp of a bullish alignment, a qualified buy signal looks to be in the cards.
Should a stochastics crossover confirm the completion of the simple pullback, buying the digital asset looks compelling.
As a technical-driven play, the pattern is voided if Decentraland falls beneath the low of the simple pullback.
Likewise and on the upside, the metaverse might seem like a brave new world without boundaries. But being calculated enough to first take profits which offer a worthwhile risk-to-reward profile, then hoping for larger out-of-this world returns, is simply smart business in trading MANA.
On the date of publication, Chris Tyler did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits.
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