The MANA relative strength index has shown growth which signals an increase in buying activity.
New developments, partnerships in Decentraland contribute to price spike
Decentraland social mentions amplified by 89.07%
MANA price up by 1.04%
There are so many exciting developments happening for Decentraland (MANA), such as the partnership of StadioPlus with LaLiga, a Spanish football league giant.
The partnership allows LaLiga to feature themed plots of virtual land starred in Vegas City, which happens to own the biggest entertainment, games, and sports areas of Decentraland.
With that being said, a bullish reversal is possible, off-shooting the $0.84 barrier and peaking towards the $1.26 mark.
According to CoinMarketCap, MANA price has skyrocketed by 0.15% or trading at $0.7431 as of this writing.
MANA/USDT Pair: Sideways Rally
The MANA/USDT pair is observed on sideways motion in the last four months. With this rally trend, the $1.15 resistance is now a barrier to any bullish outbreak. However, the $0.756 to $0.74 support levels have set an accumulation of active bullish activity.
Following the retracement that occurred in the second half of August plus the massive sell-off in light of the flush of high CPI data, Decentraland’s price has diminished to the key support of $0.71. On the flip side, MANA has retested the support level many times, triggering a recovery.
At this point, the buyers can resuscitate the prices from the ground up and set a bull run at the key resistance of $0.756. But, in order to do, the buyer will need to snag the supply level of $0.84 to validate this rally.
On the other hand, a breach below the mark of $0.71 signals a downtrend which could lead to MANA losing its $0.71 support.
Decentraland Social Metrics Up
Decentraland is stirring up enormous social engagement following its development announcements with LaLiga. Stephen Ibbotson, Head of Franchises and Licensing CEP said, “This licensing agreement will allow us to reach a new and significant audience, like that of Decentraland.”
The news has dramatically improved the numbers of Decentraland’s NFT. Decentraland social mentions were amplified by 89.07%. Social engagement has also improved by 30.6%. More so, Decentraland’s NFT prices have also spiked to 1.66 ETH showing an increase of 9.42%.
Miles Anthony, Decentraland Games’ CEO and Co-Founder tweeted the huge improvement seen in Decentraland towards the end of the Q4.
“Yesterday, on day 2 of ICE Poker Flex being live, we hit all-time highs of 614 DAU (Daily Active Users) and 593 tournaments played”, Anthony said.
MANA total market cap at $1.37 billion on the daily chart | Source: TradingView.com
Featured image from Binance Academy, Chart: TradingView.com
(The analysis represents the author’s personal views and should not be construed as investment advice).