Decentraland prices continue to soar as market remains bearish


www.cryptopolitan.com

11 m


  • MANA price analysis remains bullish for today as Metaverse continues to trend.
  • MANA broke the resistance at $3.5 bull still has to close the candle above it.
  • Decentraland price support is still present at $3.2.

Decentraland, a Metaverse wherein users can create and monetize content as well as application. The virtual reality platform has turned bullish as the Metaverse craze spreads like wildfire in a number of countries. November has been a bullish month, especially for Metaverse tokens like The Sandbox and Decentraland.

For today, the MANA price analysis remains bullish as prices rise above the resistance, which was found at $3.5. However, a few candles need to close above this level to consider that this resistance is now a support.

As per CoinMarketCap, trading volume of the MANA token shot up by 14.06%, resting at $4.2 billion, ranking it among the most actively traded tokens. The market capitalization of the token shot up by 13.91% ($6.7 billion).

The token visited the all-time high at $4.69 in the month of October. As of 2 PM GMT, the token is 20.80% down from its all-time high. The highest price in the past 24-hours rests at $3.85, while the lowest is at $3.15.

MANA price analysis on the daily chart using technical indicators

The MANA price analysis on the daily chart by TradingView shows that the 50-day and 100-day Moving Averages are currently below the price movement. Hence, the bulls are still in control. On the other hand, the token broke out from the upper end of the Bollinger Bands, cooling off and then resting in the Bands’ upper region.

MANA price analysis on the daily chart by TradingView

The RSI levels are still bullish and progressing in the overbought region with a positive gradient. This suggests that higher prices will follow in the short term. Moreover, the MACD indicator shows that the MACD line (blue) just shot up above the orange line (signal line), and now, the buyers are in charge of the market. Higher prices will follow.

MANA price analysis on the daily chart by TradingView

Conclusion

MANA price analysis will continue to remain bullish for the short term as the entire crypto market tries to overcome the bearish trend that has set in. The popularity of Metaverse and the institutional investment in the same will act as a catalyst in the Decentraland prices.


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