Metaverse tokens continue to lead the market: Decentraland’s MANA is among those soaring despite a price decline among the leading cryptocurrency assets.
- Decentraland is up 24.2% in the past 24 hours.
- The upward pressure has pushed the token to new all-time highs.
- MANA could be targeting $7 as buy orders increase.
Decentraland’s MANA token appears to be gaining traction after breaking through record highs. As interest in virtual reality world intensifies, buying pressure is increasing.
Decentraland Heads North
Decentraland has re-entered price discovery mode after making a new all-time high at $5.28, according to data from CoinGecko. It’s currently up 24.2% in the last 24 hours.
Several Metaverse-themed tokens have dominated the cryptocurrency market since Mark Zuckerberg’s October announcement that Facebook would be rebranding to Meta in a bid to “bring the Metaverse to life.” The Sandbox’s SAND and Enjin Coin’s ENJ have risen by more than 20% over the past 24 hours while the two leading cryptocurrencies, Bitcoin and Ethereum, are still struggling to recover from a recent dip.
Now, Decentraland’s MANA looks poised to follow suit and benefit from the rising interest in the Metaverse. The 24th-largest cryptocurrency by market cap appears to be breaking out after enduring a month-long consolidation period. The stagnant price action that began in late October led to an ascending triangle formation on the six-hour chart.
A recent spike in upward pressure has pushed Decentraland above the pattern’s x-axis at $4.2, which can be considered a bullish signal. Further buying pressure could push MANA up toward $7. The optimistic target is determined by measuring the height of the triangle’s y-axis and adding that distance upward from the breakout point.
As Decentraland is trading at all-time high, there are no significant hurdles can prevent it from achieving its upside potential. Still, the Fibonacci retracement indicator, measured from the Oct. 31 high of $4.2 to the Nov. 10 low of $2.15, suggests a few price points that may encourage profit-taking.
MANA’s uptrend could be slowed down 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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