MANA Price Up By 30% to $1.14 – Time To Buy MANA (Decentraland)

The MANA price has exploded over the past 24 hours with a considerable 30% increase for the DeFi coin. The price action is possibly due to the recent announcement where Facebook is being rebranded as Meta. This has garnered explosive interest in the NFT-based market as well as the DeFi space.

After languishing in the low $0.70’s for much of the past few weeks, the MANA price has shown remarkable strength in this recovery and is now trading at the $1.14 mark.

Although this could also be a pump and dump, there seem to be sound technical fundamentals behind the project and the Meta announcement will definitely increase interest in the whole NFT and DeFi space.

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Short-Term Prediction For MANA Price: More Upside Expected As Meta Effect Continues

After having gained almost 40% over the past 24 hours, the MANA (Decentraland) price has definitely shown itself to be one of the best performing cryptos of late. More upside is expected in this regard with the Decentraland price making a beeline for the $1.50 level if buying interest persists.

MANA had a bad day on 27 October when it fell from $0.84 to $0.76 but the rise was rapid just 48 hours later. The MANA market cap is up to $1.73 billion and is now in 62nd place on CoinMarketCap so there is considerable room for further growth.

The MANA price is expected to continue increasing in the short term if a bullish thesis persists. The next price level to attack would be the $1.20 level which would mean a 20% increase on the current price.

However, if a bearish thesis were to come into play, then the MANA price would possibly drop once again to the psychologically sensitive $1.00 level. However, with all the positive vibes surrounding the Facebook Meta rebranding, price action for Decentraland should definitely be positive.

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Long Term Prediction For MANA (Decentraland): Positive News Surrounding NFT’s Could Push Price Up To New Highs

Although the MANA price has experienced an almost 40% increase over the past 24 hours, it is still quite far back from its all time high achieved in May. The $1.57 level was reached then, but as with the vast majority of cryptos, the drop was quite brutal and at one point the $0.50 level was flirted with.

However, with the recent Facebook rebranding into Meta, interest in the NFT and DeFi space has only exploded further. Cryptocurrencies such as MANA can only see their price continue to boom as buyers get in early with FOMO spreading fast. Have a look here if you want to buy Decentraland.

Short term price rises are almost always followed by corrections so one should expect some profit taking in the near future too. However, the long term expectations for MANA are definitely positive.

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