Metaverse assets continue surging, leading the market over the past sessions. Decentraland (MANA) is among the tokens soaring even as the crypto market sustains price declines.
- Decentraland (MANA) gained 24.2% over the previous 24 hours.
- The upside pressure pushed to metaverse token to another all-time peak.
- MANA might be aiming at $7 amid increasing buy orders.
Decentraland’s token MANA seems to gain traction after breaking record highs. The metaverse assets see increased buying pressure as the virtual reality world witnessed intensified interest.
Decentraland (MANA) Heads North
Decentraland re-joined the price discovery phase after MANA registered a new ATH of $5.28 (data from CoinGecko). For now, the alternative token trades 24.2% up after value gains in the past 24 hours.
Multiple metaverse-themed assets appeared to dominate the crypto market since Facebook CEO Mark Zuckerberg announced that the leading social media giant would rebrand to Meta to promote the Metaverse concept.
Enjin Coin (ENJ) and Sandbox (SAND) saw their prices increasing by over 20% in the past 24 hours. The impressive price actions come even as the two leading digital tokens, BTC and ETH, still battle to recover from their latest plunges.
For now, Decentraland (MANA) appears ready to benefit from the increasing Metaverse interest. Ranked 24 by market cap, the crypto seems to break out after suffering consolidations for nearly a month. The stagnant actions that started in late October resulted in a climbing triangle pattern according to MANA’s 6-hour price chart.
The latest surge in upside momentum had MANA rising past the formation’s x-axis near $4.2, a bullish sign. Further buying strength can push Decentraland high towards the $7-mark. The optimistic price target comes after measuring the triangle’s y-axis height, then adding that to the breakout level.
As MANA hovers at its all-time highs, it might not have significant obstacles achieving the upward potential. Meanwhile, the FIB retracement of the 31 October peak of $4.2 to 10 November low of $2.15 shows some levels that might encourage profit-booking.
Meanwhile, 161.8% FIB retracement at $5.5 and 200% FIB retracement at $6.25 can slow down MANA’s upsurge.
By Ira Lichi – shutterstock.com