MRST could be the next big thing

By xnftcrypto On Nov 18, 2022

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The Mars Token price has been in a consolidation mode in the past few days as investors assess the future of the coin. MRST was trading at $0.0552, where it has been since Wednesday. This price is about 81% below the highest level this month.

What is Mars Token?

The metaverse industry is expected to have significant growth in the next few years. Mainstream companies like Facebook and Nvidia have all announced their metaverse strategies.

Mars Labs is a company that is building metaverse gaming products on Polygon’s network. Polygon is the biggest layer 2 network in the world. It helps to accelerate applications built on Ethereum, which helps to lower their transaction costs and boost speeds.

The game being built by Mars Labs will be based on the theme of the red planet. In it, players will enjoy activities inside the planet, play games, acquire virtual real estate, and communicate with community members.

MARS token will be the native token for the ecosystem just as SAND is used to power The Sandbox. In the beginning, the coin will have a supply limit of 5 billion coins. The token will go through burning which will help to reduce its supply.

MRST price has retreated even after a series of good news. For example, it was listed by OKX, one of the biggest crypto exchange in the world. OnePlanet also launched a competition that saw users earn thousands of MATIC. KLAYswap also had a giveaway in which it provided 30,000 MRST to participants.

So, will the Mars Token price recover? There are several reasons why it could recover. First, the network has an active community of thousands of fans. Its Twitter account has gained over 96k followers. Second, the price could rebound as it gets listed by more exchanges. Finally, there will likely be momentum toward the launch of the metaverse in 2023.

Mars Token price forecast

MRST/USD Chart by TradingView

The hourly chart shows that the MRST price has been in a consolidation phase in the past few days. This could be a sign that it is in a price discovery phase. The coin has formed a symmetrical triangle pattern that is shown in black. It is also consolidating at the 25-day moving average.

Therefore, there is a likelihood that Mars Token will soon have a breakout or breakdown. In case of a bullish breakout, the coin will rise to the key resistance level at $0.60.