Key Takeaways - Metaverse tokens continue to lead the market.
- Decentraland’s MANA is among those soaring despite a price decline among the leading cryptocurrency assets.
- Decentraland is up 24.2% in the past 24 hours.
- The upward pressure has pushed the token to new all-time highs.
- MANA could be targeting $7 as buy orders increase.
- Decentraland’s MANA token appears to be gaining traction after breaking through record highs.
- As interest in the virtual reality world intensifies, buying pressure is increasing.
Decentraland Heads North
Decentraland has re-entered price discovery mode after making a new all-time high at $5.28, according to data from CoinGecko. It’s currently up 24.2% in the last 24 hours.
Several Metaverse-themed tokens have dominated the cryptocurrency market since Mark Zuckerberg’s October announcement that Facebook (NASDAQ:FB) would be rebranding to Meta in a bid to “bring the Metaverse to life.”
The Sandbox (SAND) and Enjin Coin (ENJ) have risen by more than 20% over the past 24 hours while the two leading cryptocurrencies, Bitcoin and Ethereum, are still struggling to recover from a recent dip.
Now, Decentraland’s MANA looks poised to follow suit and benefit from the rising interest in the Metaverse. The 24th-largest cryptocurrency by market cap appears to be breaking out after enduring a month-long consolidation period. The stagnant price action that began in late October led to an ascending triangle formation on the six-hour chart.
A recent spike in upward pressure has pushed Decentraland above the pattern’s x-axis at $4.2, which can be considered a bullish signal. Further buying pressure could push MANA up toward $7. The optimistic target is determined by measuring the height of the triangle’s y-axis and adding that distance upward from the breakout point.
As Decentraland is trading at an all-time high, there are no significant hurdles that can prevent it from achieving its upside potential. Still, the Fibonacci retracement indicator, measured from the Oct. 31 high of $4.2 to the Nov. 10 low of $2.15, suggests a few price points that may encourage profit-taking.
MANA’s uptrend could be slowed down by the 161.8% Fibonacci retracement level at $5.50 and the 200% Fibonacci retracement level at $6.25.