- Prices surged by more than 80% in the past week.
- Price rally aims at $1.
- Spike is due to the introduction of new features.
Decentraland’s native token, MANA, has rallied in the past week, marking a relief rally of more than 80%. The rise was attributed to the ecosystem’s launch of new user features. This new feature includes linking profiles, differentiating name tags, and accentuating avatars. The users well-embraced the launch as the token’s price is a mirror image.
The introduced attributes work towards making the platform more user-friendly. Although it’s a time-consuming process, they have led to the price rocket and bang in investor interest. With several efforts to speed up the process of metaverse developments, platforms like Decentraland may pioneer the project’s success.
New Year, More About You
A few new features came out today that will help #DCLcitizens connect with each other better than ever—and this is only the beginning!
— Decentraland (@decentraland) January 12, 2023
Mesmerizing MANA rally
The prices underwent a strong bullish breakout after the launch of the aforementioned attributes to the ecosystem. The trading volume recorded overwhelming purchases by the MANA fans, as it records tall histograms painting the market green. The OBV shoots to display positive buying pressure in the market. All significant EMAs have been captured while rising. The rally sets a horizon near $1 but can reach beyond it, respecting the previous swing.
The CMF spikes to the higher regions in the positive zone to mark a bull run in the MANA market. The MACD records ascending buyer bars to depict the buyer interest as the lines witness a bullish breakout. The RSI leaps to the overbought zone to mirror buyer dominance.
The peephole
In the 4-hour timeframe, prices show a staggered rise, as many holders placed selling orders to book profits. The CMF slightly slopes down near the baseline to display a similar pattern. The MACD records a bumpy buyer about the price rally pattern. The RSI mirrors a similar formation but still holds in the overbought region. The study showcases that the price rally may soon be seller-interests as the rising profits will lure them.
Conclusion
MANA is one of the most popular metaverse platforms. With all the hype of the metaverse in the present and the future, the platform holds high potential to rule the market, as the token rally displays. The holder may watch out for the $1 breakout.
Technical levels
Support levels: $0.45 and $0.29
Resistance levels: $0.81 and $1.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/17/mana-sets-the-ambit-near-1-what-made-the-prices-rally/