Metaverse Frenzy sends Decentraland to another all-time high
Key points to remember
- Decentraland is up 24.2% in the past 24 hours.
- The upward pressure has pushed the token to new all-time highs.
- MANA could aim for $ 7 as buy orders rise.
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Decentraland’s MANA token appears to be gaining traction after breaking records. As interest in the world of virtual reality intensifies, the buying pressure increases.
Decentraland is heading north
Decentraland has returned to price discovery mode after hitting a new all-time high of $ 5.28, data shows by CoinGecko. It is currently up 24.2% in the last 24 hours.
Several Metaverse-themed tokens have dominated the cryptocurrency market since Mark Zuckerberg announced in October that Facebook would change its name to Meta in an attempt to “bring the Metaverse to life.” Sandbox’s SAND and Enjin Coin’s ENJ have risen by over 20% in the past 24 hours while the two major cryptocurrencies, Bitcoin and Ethereum, are still in trouble to recover from a recent decline.
Now Decentraland’s MANA looks set to follow suit and benefit from the growing interest in the Metaverse. The 24th largest cryptocurrency by market cap appears to be erupting after undergoing a month-long period of consolidation. The stagnant price action that started in late October has led to an ascending triangle formation on the six hour chart.
A recent spike in upward pressure has pushed Decentraland above the x-axis of the model at $ 4.2, which can be seen as a bullish signal. Additional buying pressure could push MANA towards $ 7. The optimistic target is determined by measuring the height of the y-axis of the triangle and adding that distance upward from the break point.
As Decentraland is trading at an all time high, there are no significant hurdles that can prevent it from reaching its upside potential. Still, the Fibonacci retracement indicator, measured from the October 31 high of $ 4.2 to the November 10 low of $ 2.15, suggests a few prices that may encourage profit taking.
MANA’s uptrend could be slowed by the 161.8% Fibonacci retracement level at $ 5.50 and the 200% Fibonacci retracement level at $ 6.25.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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