Decentraland price analysis: How high can MANA Go?
The Decentraland price bullish trend is seeing no end. MANA, its native token, is trading at $5.33, which is a few points below its all-time high of $5.85. It has surged by more than 1,375% from its lowest level since June this year.
Why is MANA price surging?
Decentraland is one of the fastest-growing blockchain networks in the world. It is a metaverse project that enables users to buy and sell virtual items. People in the network can buy land, build products, and sell them in form of non-fungible tokens (NFT). MANA is the native token used in its ecosystem.
Decentraland has seen a lot of growth in the past few months. Its growth got supercharged when Facebook announced that its holding company will be known as Meta Platforms. In this case, Meta stands for metaverse.
The MANA price has jumped so much such that some analysts are calling it MANA mania. This growth is mostly because of the promise of the metaverse. Indeed, the price of land in the network has grown substantially in the past few weeks.
This week, a company managed to buy a parcel of land in Decentraland for more than $2.3 million. This is a price that is significantly higher than an average price of a home in New York and other places. The piece of land is in Decentraland’s fashion district.
A quick look at the Decentraland marketplace shows that the price of land and other collectibles have jumped sharply in the past few weeks. So, will this bullish trend continue? While it is possible, there is also a possibility that the industry will cool down in the next few months.
MANA is not the only metaverse cryptocurrency that is surging. In the past few days, The Sandbox price has more than doubled. Similarly, the price of Gala coin has more had a parabolic jump.
Decentraland price prediction
In my last MANA prediction, I warned that the coin was down but not out. At the time, its price had fallen by double digits.
The daily chart shows that the Decentraland price has been in a strong bullish trend lately. It has even outperformed mainstream tokens like Bitcoin and Ethereum. The coin has managed to move above the key resistance level at $4.97, which was the previous all-time high. It is also above the ascending trendline that is shown in red.
The coin is also above the 25-day and 50-day moving averages. Therefore, I suspect that the bullish trend will continue in the next few days. If this happens, there is a likelihood that it will jump to $10. However, in December, there is a likelihood that it will go through a major pullback as investors take profit.