Price Analysis

Decentraland (MANA) Price Gains 100% as it Inches Closer to its New ATH!

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Since the price of Bitcoin skyrocketed, the popularity of crypto tokens has exploded, and their acceptance has been huge. During the last 24 hours, Decentraland has been one of the top gainers. During this time, it has risen by double digits, bringing it closer to an all-time high.

The coin has made significant gains despite the rest of the market calming down after last week’s strong spike. Shiba Inu (SHIB), Decentraland (MANA), and Secret are the top three cryptocurrencies according to Coinmarketcap this week (SCRT).

MANA Price Monster Rally

Although most of the coins are showing mixed signs, Decentraland (MANA) has increased by over 100% in the last 24 hours. MANA’s market price is $2.49 at the time of writing, having risen by 218 percent in the previous week. 

The news of Facebook’s renaming to Meta has fueled Decentraland’s price surge. The tech behemoth has changed its name to Meta, reinforcing its metaverse ambitions. 

Metaverse, NFTs, and gaming token prices all soared in the aftermath of the revelation, with some metaverse-related cryptocurrencies rising as much as 100% in the last 24 hours.

MANA price is trading at $2.53 on major crypto exchanges at the time of writing, and it appears to be fighting immediate resistance from the $2 psychological level. If the Decentraland token closes above this level, it could reach new all-time highs. The MANA bulls will have to overcome selling pressure from the $1.42 and $1.49 supply zone before they can hit this target. 

If MANA continues to rise, it may be able to break through this ATH and move even higher. The gains are currently ascribed to buyer support, which is still showing signs of strengthening. As a result, it may be able to rise above its current lows.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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