- The MANA token price has increased by 4.29% during the weekly trading session.
- The technical indicators summary suggests strong buy signals.
Decentraland (MANA) allows users to create, experience, and monetize content and applications. MANA defines itself as a virtual reality platform powered by the Ethereum blockchain. The digital platform is entirely owned by its users. Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens.
Decentraland Delivered Over 70% Returns in the Last Six Months
MANA token price broke above the long-lasting trendline in September 2023. Earlier, the price created a major demand zone at the $0.3003 level. Crypto investors are aware of that level, and they waited eight months for the buying opportunity.
After the trendline breakout, the price sustained above the $0.2663 demand level until it got a positive response from the buyers. MANA also started its bullish rally in October 2023, like many other cryptocurrencies.
The MANA token price surged more than 80% in the first half of the rally. The price broke above the $0.4243 resistance level. It also created a major change in the character, which intrigued many buyers in the second half of the rally.
Subsequently, MANA price has made a major resistance at $0.6129, which becomes the current target for the buyers. The 24-hour trading volume of MANA has increased by 16.04%, and the current market capitalization stands at $1.04 Billion.
Technical Analysis of the MANA Token Price
The 50-day EMA has made a bullish crossover with the 200-day EMA at $0.4031, which recently served as a point of interest for buying. MANA price is moving above both the EMAs, reflecting a bullish trend.
MANA token price made a bullish correction on the $0.4243 demand level. Earlier, the price made a resistance at $0.6129, currently serving as a target for crypto buyers. Alternatively, the buyers are pushing the price harder to reach their target.
At present, MANA price is moving toward the resistance of $0.6129. In the last few trading sessions, multiple bullish candles formed, reflecting the current strength of buyers. The price may soon achieve the $0.6129 level and can go further.
The relative strength index (RSI) slope reflects an internal bullish divergence in the price momentum. This indicates that buyers have more control over the price than sellers. RSI is sloping at 67.65 toward the 70-mark upper band.
Conclusion
MANA token price has been performing in an uptrend since October 2023. The price formed a bullish point of interest at the $0.4243 level. MANA made a bullish correction on that level and is responsible for the current rally. At press time, the price is trading at $0.5471 and is moving toward the $0.6129 resistance. It can go further if it sustains above that resistance.
Technical Levels
- Resistance Levels: $0.6129 and $0.6996
- Support Levels: $0.4604 and $0.3801
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.