The MANA token seems to be gaining traction after hitting record highs. Increasing interest in the virtual reality world also increases the pressure to buy.
According to data from CoinGecko, Decentraland has re-entered price discovery mode after hitting an all-time high of $5.28. It is currently up 24.2% in the last 24 hours.
Several Metaverse-themed tokens have dominated the cryptocurrency market after Facebook announced that it would be rebranding as Meta to "bring the Metaverse to life."
Sandbox (SAND) and Enjin Coin (ENJ) are up more than 20% in the last 24 hours. Bitcoin and Ethereum, the heavyweights of the cryptocurrency market, are still struggling to recover from one last drop.
Decentraland's MANA, the 24th largest cryptocurrency by market capitalization, seems to be exploding after a one-month period of consolidation.
A recent increase in upside pressure pushed Decentraland above the x-axis of the pattern at $4.2, which can be considered a bullish signal. More buying pressure could push MANA towards $7.
As Decentraland is trading at all-time high, there are no significant hurdles can prevent it from achieving its upside potential. 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.