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Samsung’s Decentraland Store Launch Fuels MANA’s Rally

Hassan Maishera
·2-min read

The metaverse is slowly gaining popularity, with an increasing number of companies entering the space. South Korean tech conglomerate Samsung is the latest company to launch a metaverse store.

Samsung Launches a Virtual Store on Decentraland

Samsung, one of the leading tech companies in the world, announced the launch of its virtual store yesterday. The virtual store was opened on Decentraland, one of the leading metaverse projects in the cryptocurrency space.

The company opened a virtual version of its 837 physical store in Decentraland. Samsung’s flagship physical store is located at 837 Washington Street in New York City’s Meatpacking District, Manhattan.

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In its announcement, Samsung said, “Join us for CES 2022 to celebrate the opening of Samsung 837X, our official launch in the metaverse. This immersive space lets anyone experience the creative possibilities of 837, Samsung’s culture and technology hub in New York City.”

The company told The Block that the launch of its virtual store is one of the biggest brand land takeovers in the history of Decentraland.

MANA Rallies Following Samsung’s Store Launch

MANA, the native token of the Decentraland platform, is up by more than 14% over the past 24 hours. The news of Samsung opening a virtual store in Decentraland pushed MANA’s price higher in the last few hours. The coin’s technical indicators show that it is currently outperforming numerous other cryptocurrencies.

MANA is still trading below its 50-day EMA
MANA is still trading below its 50-day EMA

At press time, MANA is trading at $3.24 per token, which is below its 50-day moving average price of $3.7. However, it could surpass the 50-day EMA soon if the current momentum is maintained.

The MACD line is still below the neutral zone but could enter the positive territory soon. The 14-day RSI of 48 shows that MANA is getting out of the oversold region thanks to its current rally. If the rally continues, MANA could target the $4 resistance level before the end of the day.

MANA’s rally comes despite the broader cryptocurrency currently underperforming. The cryptocurrency market has lost more than $200 billion since the start of the week. Bitcoin, the leading crypto, lost its $45k support and is now trading around $42,500 per coin.

This article was originally posted on FX Empire

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