Decentraland Price Analysis: MANA Token Seems To Be Ready To Resume Its Rally, Should You Buy It?
Projects like the metaliums project (metaliums.com getting virtual lands on decentraland to build the Metaliums store on metaverse. NFT space is getting hotter than ever.
The Metaverse token like MANA gained massive popularity among the crypto investors when Facebook announced its rebranding to ‘META.’ The technical outlook for MANA/USD indicates the overall trend remains bullish, and it looks likes the token price is doing a good job sustaining on the higher levels.
Key technical points:
The MANA token price breaks out from the Flag pattern pattern
The intraday trading volume in the MANA token is $5.3 Billion, indicating a 318.72% hike
Source- MANA/USD chart by Tradingview
The MANA token rally made a new All-Time high of $5 on October 30th. This surge was too much for the token, and to stabilize this growth; the token provided a minor retracement phase.
The MANA price plunged to the Fibonacci level of 0.618, which provided sufficient support for the token. Furthermore, the 20 EMA line also contributed as a good support level. These crucial EMA’s validates the token is under a strong uptrend.
The Relative Strength Index(71) value has also stabilized as the sudden price surge had pushed it to the overbought territory.