In the first week of March, there was an important development on the part of Decentraland (MANA), one of the metaverse coins.
IMA Financial Group, a US insurance broker and asset management company, came to the fore with the news of opening a research and development facility in Ethereum-based Decentraland.
So IMA Financial Group has announced that it will start selling insurance for NFTs on Decentraland (MANA).
When we look at the coinmarketcap market cap data of Decentraland (MANA), one of the most talked about projects in the Metaverse world, it is one of the first projects with a daily volume of 4 billion 366 million dollars and a daily volume of 333 billion dollars.
So how did the new developments affect the price?
It has formed a slanting resistance area by making falling tops from the $3.96 level since the beginning of January.
At the same time, it formed a triangle formation in the range of $3.96 at the top and $1.7050 at the bottom region, which the buyers and sellers kept in balance.
At the moment, we can see that the price has received a reaction from the support in the 4-hour time frame. I think that this triangle formation will be an important factor in determining the direction of the breakout.
However, the monthly opening zone of the $2.82 region seems to be an important level.
With the breakdown of this region, the $3.55 region, which is the highest level of the monthly region, can be followed. Otherwise, we can see a pullback to the $1.86 support area with the monthly closing and closing below the support levels.
When we compare it according to the general market conditions, it is seen that a rising parabolic structure in the daily time frame has not deteriorated yet.
With the support of the developments on the project side and the new developments that may occur in the field of metavarse in the coming months, it may be possible for investors to become more interested in this field and to see its positive reflections on the price with proportional volume increases.