Decentraland’s MANA defies gravity to jump 20% but will buyers be relentless?

2023-1-9 13:51

Decentraland’s MANA has surged by over 20% in the week

Most gains came when the metaverse platform announced an open-cross competition

MANA’s long-term recovery remains tied to the crypto sentiment

Decentraland’s (MANA/USD) rose by 12% over the weekend, taking the weekly gains to over 20%. The surprise gains come after a prolonged bear market that saw the cryptocurrency claim the lowest price in 2022 on December 31.

Investors banking on Decentraland’s MANA would be delighted at the latest cryptocurrency news amid quietness in the metaverse. On January 06, Decentraland said it had launched the first-ever metaverse architecture and design Biennale. It will be an open-cross competition in the metaverse and includes performances, events, public talks, and lectures. The event is expected to accommodate more than 50,000 visitors in over five days. The event is expected to attract opinion leaders, creators, and partners who will share ideas about the metaverse.

The latest development comes as activity building in the metaverse continues to slump in a crypto winter. The low activity has pushed MANA to very low valuations, with the cryptocurrency trading at $0.355 as of press time. That compares to a high of nearly $6 at the height of the metaverse and crypto boom in November 2021.

MANA price outlook and analysis amid recoveries

MANA/USD Chart by TradingView

From the technical outlook, the RSI shifted above the midpoint, suggesting the entry of buyers of MANA. The MACD indicator highlights an improved momentum. The MACD line crossed above the signal line, reinforcing a bullish outlook. However, the indicator is still below the neutral zone, emphasising that the bearish market remains. MANA price also remains underneath the descending trendline despite the recoveries.

What could happen next?

Investors could continue riding on the short-term rally on MANA as momentum has improved. However, the outlook is bearish, and MANA could correct once the price hits the descending trendline. If buying MANA now, be watchful of the level around $0.4, where the price intersects with the descending trendline.

Where to buy MANA

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

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The post Decentraland’s MANA defies gravity to jump 20% but will buyers be relentless? appeared first on CoinJournal.

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Decentraland (MANA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
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Цена в час новости $ 0.3795 (-100%)

mana decentraland gains weekly long-term taking competition

Источник: coinjournal.net

mana decentraland → Результатов: 126


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Фото:

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