For the fourth straight session, Decentraland showed up and saw an increase of nearly 2%. More so, the fourth day of MANA showed a price surge above $1.
Metaverse has grown in size especially since Facebook was reorganized into Meta. Before that, Decentraland has always been hugely popular, especially for those who love the virtual world but are tired of kiddie games.
The popularity of Decentraland MANA
Basically, Decentraland was for teens and adults looking to socialize, build, and win with virtual terrain. All land and virtual assets seen in Decentraland can be purchased with the MANA token.
Virtual real estate has also been in high demand and MANA has constantly shaped its virtual environment to deliver sophisticated and breathtaking experiences for users where they are in full control of their own virtual worlds.
Decentraland has become immensely popular and powerful that many giant companies like Samsung, Adidas and Atari have also purchased their virtual real estate properties directly from Decentraland.
In addition, Decentraland has also secured partnerships and funding from companies such as Genesis One Capital, George Burke, Boost VC, Animoca Brand; etc
However, despite the partnerships and support of many popular brands, MANA still took a hit over the past few months as it fell 70% but was able to recover 12% in July.
Decentralized and bullish; Target $1.5
Looking at the daily chart, there is a good chance that the price rise that MANA is experiencing will continue in the next trading sessions. Moreover, it shows a long-term upward trend. In fact, the Decentraland price target is $1.5 next.
Judging from the Williams Alligator trend, it shows an upward retracement, which means that MANA will move into August with a bullish move. However, this analysis can be refuted if the price drops below $0.84, which signals a bullish view.
Decentraland looks bullish since Friday. The token is currently down 6.31% from its five-day high and 13.87% higher from its five-day low which was recorded at $0.8460.
Currently, MANA price is trenched in the middle of the support and resistance zone, with resistance found at $0.9997 and the support zone set at $0.9359.
Additionally, Decentraland has been trading in low volumes quite recently, indicating that today’s trading volume is well below the average volume for the coin seen last week.
MANA total market cap at $1.91 billion on the weekend chart | Source: TradingView.com Featured image from VOI, chart from TradingView.com