Decentraland (MANA) Price Level Eyes for $5 Before a Pull-Back

  • Decentraland is a decentralized virtual reality (VR) ecosystem.
  • MANA has benefited from Facebook’s recent rebranding as Meta.

Decentraland is growing in popularity among metaverse-friendly digitally aware users as the technology and native currency allows users access the digital space. Moreover, Decentraland is a decentralized virtual reality (VR) ecosystem based on the Ethereum blockchain. One of the first crypto metaverse initiatives enables people to buy land, develop on it, monetize it, and do other great things.

It is an initiative that encourages user ownership and openness. MANA has benefited from Facebook’s recent rebranding as Meta. Its price rose to a new all-time high over $4.10 two weeks ago but then fell again.

Massive Return on Investment (ROI)

Decentraland’s native token MANA has produced a monthly ROI of 370 percent following a descending wedge breakout. A significant buying volume might drive MANA to its 78.6% Fibonacci barrier before an overbought RSI prompts a reversal.

MANA pushed higher from its 61.8 percent Fibonacci breakthrough mark, aiming for $4 in the next few days. A bullish crossing of the 20-SMA and 50-SMA also aided. MANA was the fourth most traded crypto in the previous 24 hours, with approximately $8 Billion volume. If MANA keeps adding above the 78.6% Fibonacci line, it will reach the October 30th high of $5. However, the 4-hour RSI was overbought, indicating a near-term pullback. The 50 percent Fibonacci level corresponded with the short mid-term moving average lines.

MANA/USDT: Source: TradingView

MANA’s breakthrough was validated by most of its indications. A ‘squeeze release’ triggered the SMI’s rising green bars, while the DMI saw a bullish crossing. An ADX of 34 even suggested a strong market trend. Conversely, an overbought RSI might lead to selling pressure as investors profit from the gain.

MANA might reach 78.6% Fibonacci and perhaps $5 if buy volumes sustain. After a pullback, MANA should find support around the 50% Fibonacci level, underpinned by the 20-SMA and 50-SMA. According to CoinMarketCap, the Decentraland price today is $3.44 USD with a 24-hour trading volume of $5,950,988,501 USD. Decentraland is up 7.63% in the last 24 hours.

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