September 30, 2022

MANA Price Rallies 45% To $1.27 Buoyed By Facebook’s Rebrand To Meta

2 min read

< img width =" 327 "height= "154"src="https://cdn.coingape.com/wp-content/uploads/2021/10/30010307/Decentraland.jpg"class ="attachment-full size-full wp-post-image" alt="" style ="float: right; margin:0 0 10px 10px;"/ > MANA price has actually rallied 45%over the last 24 hours following the news of Facebook rebranding to Meta. MANA’s upward motion aims for the all-time high around$1.70. The MANA price has rallied a huge 45% over the past 24 hours, a substantial boost for the DeFi coin. Decentraland’s price rally has been mainly driven by the news of Facebook rebranding to Meta. The tech huge announced it was rebranding to Meta, declaring its metaverse ambitions.

The news saw Metaverse, NFTs and gaming token costs rally simply a few minutes after the announcement with some metaverse-related cryptocurrencies gaining as much as 100% in the last 24 hours.

Decentraland (MANA) cost analysis reveals that it skyrocketed as by as much as much as 80% at earlier today to an intra-day high of $1.521 before being declined by the $1.50 resistance level.

MANA Price Rally Aims For $1.70 All-Time High

At the time of composing, MANA rate is changing hands around $1.27 on the majority of crypto exchanges and seems fighting instant resistance from the $1.30 mental level. A closure above this level might see the Decentraland token increase to tag the April 17 all-time high (ATH) around $1..70.

Before hitting this target, the MANA bulls have to get rid of selling pressure from the $1.42 and $1.49 supply zone.

The entry of the Relative Strength Index (RSI) into the overbought zone indicates that the bulls are in control of the MANA rate, highlighting this bullish outlook.

Also the upward movement of the MACD and its position above the no line in the favorable region validates this positive outlook.

MANA/USD Daily Chart

MANA price Chart

However, if MANA slips back into the need zone, the red band, it might activate massive sell orders that could see it tank towards the 200-day SMA at $0.85, the 100-day SMA at $0.80 and the 50-day SMA at $0.871.

If you’re seeking to buy some MANA then you should take a look at this guide on crypto trading.

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