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Metaverse Frenzy Sends Decentraland To Another All-Time High

By Crypto Briefing (Ali Martinez )CryptocurrencyNov 25, 2021 12:08AM ET
www.investing.com/analysis/metaverse-frenzy-sends-decentraland-to-another-alltime-high-200609503
Metaverse Frenzy Sends Decentraland To Another All-Time High
By Crypto Briefing (Ali Martinez )   |  Nov 25, 2021 12:08AM ET
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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.

MANA/USDT 6-hour chart.
MANA/USDT 6-hour chart.

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.

Original Post

Metaverse Frenzy Sends Decentraland To Another All-Time High
 

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Metaverse Frenzy Sends Decentraland To Another All-Time High

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