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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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