After three successive days of losses, Decentraland’s native token is gradually bullish again.
The Beginning Of A Long-Term Positive Trend?
MANA looks set to break out from a crucial demand range. MANA is bullish like other altcoins as the general market sentiment is also bullish.
The positive market sentiment is buoyed by the news of top brokerage firm, trading app public’s addition of four virtual assets on its trading platform, notably MANA. As of this writing, MANA currently exchanges hands at $3.35, indicating a rise of 3.3% over the past 24 hours.
Attempting The Breakout From Support
The 24-hour chart indicates that the MANA price is on course to break out from the $3.26 crucial support level, corresponding to the up-trending 55-day EMA. It is noteworthy that MANA price hasn’t traded at the sub-50-day EMA price range in the last two months. If MANA is to surge past the $4 mark, MANA bulls must ensure that the metaverse token doesn’t trade below the 50-day EMA.
If this bullish momentum is strong enough, MANA buyers could push the token to the 21-day EMA at $4.22. The renewed bullishness of the MANA price is seen on the 14-day rsi as it recovers from the minimum levels. However, traders must rEMAin cautious because the RSI value isn’t above 50 yet.
MANA 24-hour chart. Source: TradingView
A further close at the sub-50-day EMA support levels could result in a steep decline to the $2.72 support levels, a rising trendline that has been established over the last 30 days. Intense selling pressure could result in a decline towards $2.16, as it occurred a month ago. Any additional selling pressure beyond this point could result in a price decline to the rising 100-day EMA price of $1.99.
MANA’s Near-Term Decline
MANA has lost over 44% since setting a new peak price of $5.95 late last month. There has been a significant drop in its trading volume during this decline, indicating that the selling pressure is almost over.
This is good for this token’s price action since it was trading at sub-$1.50 price levels before facebook’s name rebranding a few weeks ago. Hence, the selling pressure resulted from early investors looking to take profits.
The Metaverse Has A Bright Future – Grayscale
Grayscale recently released a report that analysed and predicted the potential business opportunities in the metaverse industry. Part of the report stated that the metaverse’s gaming industry is likely to bring about great business opportunities for investors in the near future. The popular games in the metaverse include gaming projects related to Decentraland, Sandbox and Axie infinity.
Grayscale already has a metaverse-related investment product launched earlier in the year and is currently valued at $65m. Investors and even day traders might want to take an entry position at MANA’s current price as it might soon flip its current price as support. Various crypto trade analysts agree that it looks promising to trade in as it is a project that represents the future of the metaverse industry.
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