Decentraland [MANA]: Analyzing 'development activity' to find out entry position
Development activity is one way to look at it. Decentraland’s plan to usher in more developers on its platform may support healthier development activity in 2023.
Most crypto projects achieved robust development activity since the start of January but Decentraland’s has been irregular and downward for the most part in January. However, it did surge in the last five days.Healthier development activity has historically been a characteristic of projects that have a long-term focus. If history repeats and Decentraland pulls this off, then we can expect higher confidence levels among investors.
A favorable outcome means we might see more demand for MANA in the next few months. Even so, the short-term outlook is still foggy especially now that demand has slowed down. Notably, the metaverse alt has been moving sideways since mid-January but it has maintained its position just above the 200-day MA.MANA’s current position underscores relative strength. Nevertheless, there is still a possibility of a resurgence of volatility.If demand recovers, MANA may usher on another bullish surge in February, possibly pushing towards the next resistance level at $0.80.. Decentraland’s network growth has been slowing down since mid-month and is currently at a new monthly low.
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