Decentraland (MANA) Sees Impressive Recovery
Decentraland (MANA) is experiencing a sixth straight green session, with the crypto market displaying an impressive recovery. The play-to-earn (P2E) token has gained 12% in daily gains, surpassing key support areas and leaving bulls eager for further upside.
Over the last seven days, MANA has seen a 20% increase, and over the last month, it has risen by 18%. Its trading volume in the past 24 hours has also surged by 28% to $117 million, indicating growing investor interest in this Metaverse cryptocurrency.
The question now is whether this interest will be enough to sustain the uptrend and push the Decentraland price to $0.447.
Decentraland Price Needs to Reclaim $0.38 Level
After finding support around the $0.268 demand zone on October 19, MANA price has been on a recovery path, rallying approximately 27% to its current price of $0.3435.
However, there is stiff resistance from a supplier congestion zone ranging from $0.36 to $0.38 that MANA bulls need to overcome in order to sustain the uptrend. This level previously rejected the price in mid-August and led to a 26% drop to a swing low at $0.268.
The significance of this resistance zone is highlighted by IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows that there is strong resistance in this area. For instance, around $0.38 is where approximately 24.4 million MANA were bought by about 5,230 addresses.
Decentraland Needs Wider Market Support
To overcome the resistance zone, Decentraland will require support from the broader market. If successful, the MANA price could face resistance from the 200-day Exponential Moving Average (EMA) at $0.392 before potentially rising to revisit the $0.4477 range high, representing a 31% increase from the current price.
The upward movement of the Moving Average Convergence Divergence (MACD) indicator supports this positive outlook. The indicator sent a buy signal for Decentraland when the 12 EMA crossed above the 26 EMA on October 20.
On the downside, buyer exhaustion and profit booking could lead to a loss of momentum in the ongoing uptrend. This selling pressure may push the price towards the 100-day EMA at $0.3263 and subsequently to the 50-day EMA at $0.30131. If selling pressure continues, the next logical moves would be towards the psychological level of $0.28 or the support wall at $0.268.
MANA Alternatives
Meme Kombat is a stake-to-earn ecosystem that allows participants to compete in an arena using meme characters. You can choose to fight against others or team up with other players.
The token powering Meme Kombat is MK, which is designed for gaming enthusiasts on this innovative gaming platform.
If you’re interested in increasing your income through Meme Kombat, you can participate in its unique stake-to-earn (S2E) function and enjoy staking rewards with Annual Percentage Yields (APY) as high as 112%, one of the best rates in the market.
The project is currently in its second phase of presale, with over $680,000 raised so far. MK tokens are available at an affordable rate of $0.1667 per token, and you can purchase them using your bank card, Ethereum (ETH), or Tether (USDT) stablecoin.
Hot Take: Decentraland (MANA) Shows Promising Recovery
Decentraland’s impressive recovery and bullish momentum are fueled by increased investor interest in the Metaverse crypto. With a 12% daily gain and strong support areas, MANA has the potential to reach $0.447. However, it faces significant resistance at the $0.36 to $0.38 level, which must be overcome to sustain the uptrend. The positive outlook is supported by the MACD indicator and the potential resistance levels that MANA could face if it continues to climb. On the downside, profit booking could lead to a temporary loss of momentum. Meanwhile, Meme Kombat offers an alternative stake-to-earn opportunity with attractive staking rewards and a successful presale phase.
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