Decentraland Price Up By 10.51% – Time to Buy MANA Coin?

The crypto market is hitting a hard reset in price as major crypto protocols struggle in the red zone. Decentraland has continued to post significant gains nonetheless, and investors are now looking to buy MANA.

The excitement surrounding the potential of the Metaverse is driving massive interest in Decentraland’s offerings.

This has seen the ERC-20 token hit an all-time high (ATH) of $4.25 in the early hours of today, with its continued uptrend signifying the token’s intentions to keep rising.

We will discuss Decentraland’s technical and fundamental performance and determine if this is an opportune time to buy MANA for long term gains.

MANA: Setting Daily Records

The crypto market is facing a strong doldrum as massive sell-offs in Bitcoin, and other top altcoins have led to a shedding of value in the nascent space. At press time, the total value locked (TVL) in the crypto market stands at $2.48 trillion, down 5.02% in the past day.

Digital tokens like MANA have taken up the role of keeping the market in the green zone, as seen in their continued rallies standing against the current market climate.

At the moment of writing, MANA is trading at $3.9365, up 10.51% in the last 24 hours. Weekly gains have also been impressive, with MANA up 45.60% in the past seven days.

This has seen the digital token’s market cap shoot up to $7.2 billion, up 9.59% in the past day. The 24-hour trading volume is also up a whopping 125.62%, reflecting $7.17 billion.

Meanwhile, this is not MANA’s best price action. The Ethereum-based token recently hit an ATH of $4.25 today, showing a strong bullish momentum building up. So far, it has only shed 7.6% of its record value.

Compared to an all-time low (ATL) of $0.00923681, MANA has surged 42,368.9%, reflecting that the Metaverse token is likely pegged for successful adoption in the coming days.

This data was further confirmed by its year-to-date (YTD) returns of 4,964.69% and twelve-month trailing record of 4,734.64%. This current price action presents an ideal opportunity to buy MANA and rise with the market.

MANA Technical And Fundamental Analysis

 

Decentraland has largely been conservative in its price action compared to other digital tokens. However, the 3D virtual reality platform is blazing a hot trail as interest in the Metaverse officially kicks off.

This has lent much credence to MANA’s technical performance. The digital token is soaring above the 20-day moving average (MA) support price of $3.0138, indicating a strong bullish presence.

Also, the 200-day MA price of $1.0702 reveals that MANA is likely to continue rising into the near future, presenting an ideal buying opportunity.

The 14-day relative strength index (RSI) figure of 76.30 shows that MANA is trading in the overbought region.

This signifies that more investors are looking to buy MANA and add to their investment portfolio. Likewise, the moving average convergence and divergence (MACD) reflect the growing interest in the asset, with the green trendline soaring above the orange trendline. This depicts a buy signal for crypto enthusiasts.

Decentraland’s journey to crypto success was capped recently when Facebook officially announced a break away from its old style of connecting people to entering the metaverse efforts.

As a mark, the social media giant switched its name to Meta, pointing out that a large chunk of the new company’s efforts will be channelled towards enabling more collaborative work in the Metaverse.

Also, island nation Barbados recently tapped Decentraland as the virtual destination for its embassy. This sees it become the world’s first virtual embassy, with the Barbados Government intending to make the new location a virtual sovereign land.

With such strong potential and more adoptions, this is a great time to buy MANA and make massive gains.

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