- MANA price is seeking to continue the breakout above the descending triangle as bulls target new record highs above $5.
- The Decentraland price rally was triggered by the announcement by Facebook that it was rebranding to Meta as it planned to build a metaverse, which sparked investors’ interest.
- MANA formed a descending triangle breakout on the four-hour chart fueling the current rally.
Decentraland (MANA) has rallied 13% over the past 24 hours to reach highs of about $3.81 during the early Asian trading hours on Saturday. MANA price is adding on the bullish momentum that was started on November 11, a 48% rally to the current price.
The recent rally has seen MANAs market capitalization jump to $6,572,715,237 after rising 10% in the past 24 hours. The daily trading volume has risen a massive 70% to $7,315,019,786 over the same period. These are bullish signs pointing to increased buyer appetite for the metaverse token.
MANA Price To Rally To $5
The rebranding of Facebook to Meta as the company focused on building a metaverse triggered a price explosion in cryptocurrencies in the NFT, gaming and metaverse space last month. During this rally, the Decentraland price rose from $1.04 on October 30 to hit an all-time high above $5 on October 31.
This was followed by a two-week price correction that saw MANA spell out a descending triangle chart pattern that was triggered on Thursday November 11 as seen on the four-hour chart.
As MANA price broke out above the descending trendline of the triangle at the $2.50 psychological, the current rally was started.
At the time of writing, Decentraland is trading at $3.67 on most crypto exchanges as bears focus on pulling it towards the $3.50 support line. Note that MANA might take a breather here for a few trading sessions before resuming the uptrend.
MANA/USD Four-Hour Chart
To continue the uptrend, MANA must overcome the resistance at the $3.81 level. However, a breakout to new ATHs will be achieved is Decentraland rises above the price range defined by the governing chart pattern at $4.189. From here, the move towards the ATH around $5.03 will be possible, representing a 38% upswing from the current price.
The upsloping moving averages and the entry of the Relative Strength Index (RSI) indicator accentuate the bullish outlook.
However, if things go awry for MANA price, it may drop below the $3.50 psychological level to tag the recently discovered support at $3.31. A drop further may see MANA drop towards the $2.93 major support level or the moving averages below it.
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