Decentraland Rides Facebook’s Metaverse Wave Targeting $5.60

Key Takeaways

• Decentraland has rallied since Fb’s rebranding announcement.
• Because the Huge Tech big focuses on digital actuality worlds, buyers have turned bullish on MANA and different Metaverse cash.
• Additional shopping for stress might push the asset towards a brand new report excessive of $5.56.

Decentraland’s MANA token seems to have entered a quick consolidation interval because it builds momentum earlier than its subsequent leg up.

MANA Targets Increased Highs

Decentraland’s MANA token is in worth discovery mode and seems to be gearing up for additional good points.

A number of Metaverse-related crypto initiatives have rallied over the previous couple of days following Fb’s shock rebranding . Final Thursday, the Huge Tech big revealed it will be altering its identify to “Meta,” turning its focus to digital actuality worlds.

In a presentation video discussing the pivot, Fb CEO Mark Zuckerberg stated:

“We’re nonetheless the corporate that designs know-how round folks. However now we now have a brand new North Star: to assist convey the Metaverse to life.”

Zuckerberg additionally confirmed that Fb would start supporting NFTs sooner or later.

Although many different related tokens akin to and rallied on the information, Decentraland’s MANA token made the largest bounce, surging by greater than 640% to achieve a brand new all-time excessive of $4.70. Now, the asset seems to have entered a quick consolidation interval earlier than its subsequent leg up.

MANA’s four-hour chart reveals that the token may very well be forming a bull flag. The 200% rally recorded between Oct. 30 and Oct. 31 created the sample’s flagpole. In the meantime, the symmetrical triangle that has been growing since then is creating the sample’s flag.

A spike in shopping for stress that enables MANA to slice by way of the flag’s higher trendline at $3.30 might sign a possible breakout. On this eventuality, Decentraland’s market worth might surge by practically 67% in the direction of $5.56.

The worth goal is set by measuring the flagpole’s peak and including that distance to the breakout level.

It’s price noting that MANA should proceed to commerce above $2.60 to validate the bullish outlook. If it fails to carry, nonetheless, a spike in promoting stress might result in a steep correction towards $1.55.

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