Decentraland’s (MANA/USD) defies gravity to jump 20% but will buyers be relentless?

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  • Decentraland’s MANA is up over 20% on the week

  • Makes the Most When Metaverse Platform Announces Open-Cross Competition

  • MANA’s Long-Term Recovery Tied To Crypto Sentiment

of Decenterland (MANA/USD) gained 12% over the weekend, bringing weekly gains to over 20%. The surprising gain came after a prolonged bear market that saw the cryptocurrency claim its lowest price of 2022 on December 31.

Investors Banking on Decentraland’s MANA Will Be Delighted at the Latest cryptocurrency news Amidst the quagmire in the Metaverse. On January 06, Decentraland said it had launched the first ever Metaverse Architecture and Design Biennale. It will be an open-cross competition in the Metaverse and will include performances, events, public talks and lectures. Over 50,000 visitors are expected to attend the event over five days. The event is expected to attract thought leaders, creators and partners who will share ideas about the Metaverse.

The latest development comes as activity building in the metaverse continues to decline amid crypto winter. The low activity has pushed MANA down to very low valuations, with the cryptocurrency trading at $0.355 as of press time. This compares to a November 2021 high of around $6 at the height of the metaverse and crypto boom.

MANA price outlook and analysis amid recovery

MAIN/USD Chart by TradingView

From a technical perspective, the RSI has shifted above the mid-point, indicating the entry of MANA buyers. The MACD indicator highlights a bullish momentum. The MACD line has crossed above the signal line, which is strengthening the bullish outlook. However, the indicator is still trading below the neutral zone, emphasizing that the market remains bearish. MANA price also remained below the downtrend line despite the recovery.

What could happen next?

Investors may continue to ride the short term rally on MANA as momentum improves. However, the outlook is bearish, and MANA may correct once the price reaches the descending trendline. If buy mind Now, be cautious about the level around $0.4 where the price intersects with the descending trendline.

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